Pledges to Green Climate Fund reach bare minimum but are important step forward

Governments pledge $9.2 billion to Green Climate Fund ahead of Lima climate summit

The announcement of $9.2 billion in pledges to the Green Climate Fund is welcome but only a bare minimum, says Oxfam.

Countries including Australia, Austria, Belgium, Canada and Ireland have still not made any pledge. The funding was announced at a pledging conference in Berlin convened to get the Green Climate Fund (GCF) up and running with a strong base of financial support.

Oxfam calls on governments to provide $10-15 billion to capitalize the Fund before the next round of UN climate negotiations in Lima, Peru in December. The $9.2 billion total falls short of this target.

“Poor people around the world are trying to build resilient communities and fight back against longer droughts, harsher storms and stronger floods,” said Alison Woodhead, head of Oxfam’s GROW campaign. “Developed countries must show they are serious about fulfilling their commitment to the small farmers, fisherfolk and small business owners who are the true leaders in the global response to climate change. These pledges will help get the fund off the ground, but they are only a modest first step. Every dollar we invest in preparedness today can save up to seven dollars in future cost.”

The Green Climate Fund is intended to help developing countries reduce greenhouse gas emissions, prepare for the unavoidable impacts of a changing climate and develop in a sustainable way. Developed countries promised to mobilize $100 billion per year in climate finance by 2020, a large portion of which is expected to be channeled through the Green Climate Fund.

Getting the GCF off to a good start and delivering on the $100 billion commitment is a crucial piece of the international talks. Negotiators in Lima will seek to make progress on several critical areas related to climate finance including how and when their national pledges will be put on the table in the future, and how those pledges will be assessed for their adequacy. The pledges announced today still lack crucial details including whether they are from loans, are reallocated from existing aid or have unknown strings attached.

“Financial support from developed countries should be a building block for a global climate agreement, not a stumbling block,” said Woodhead. “Many developed countries have stepped up to give the Green Climate Fund a chance to get on its feet, but more is needed for it to succeed.”

Notes to editors

Summary of pledges to the Green Climate Fund:

 

Country

 

Announcement

USD Equivalent (USD Millions)

Germany

750m EU

1,000

Panama

1m USD

1

Sweden

4bn SEK

588

France

774m EU

1,035

Mexico

10m USD

10

Japan

1.5bn USD

1,500

Netherlands

100m EU

134

New Zealand

3m USD

3

Finland

80m EU

100

South Korea

100m USD

100

Luxembourg

5m EU

6.25

UK

720m GBP

1,123.2

Norway

800m KR

130

United States

3bn USD

3,000

Czech Republic

110m EU

5.5

Mongolia

90m Mong

0.05

Switzerland

100m USD

100

Canada

Not Specified

n/a

Italy 

Monaco

250m EU

250,000 EU

312.5

0.3125

Denmark

71.6m USD

71.6

Spain*

13m EU

16.25

Total 

 

9,236,6625

* may be revised on 11/20/2014

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