The U.S. has announced a $3B commitment to the Green Climate Fund – the largest single pledge to date.
On November 15, 2014 – eve of the 2014 G-20 Summit in Australia – U.S. President Barack Obama announced that the U.S. will contribute $3B to the Green Climate Fund (GCF), the financial support mechanism aimed to assist developing countries in transitioning to a low-carbon, climate-resilient future. The announcement comes in advance of the November 20 Berlin meeting – the first High-Level Pledging Conference that will engage more than 20 contributing countries in GCF’s Initial Resource Mobilization. On November 16, Japan announced a $1.5B contribution to GCF.
According to the United Nations Framework Convention on Climate Change (UNFCCC), the U.S. pledge sets a benchmark for GCF support and provides inspiration for developed countries to act. Among other contributors, Germany pledged approximately $1B (at the Petersberg Climate Dialogue in July); France announced $1B (at the UN Secretary-General’s climate summit in September); Sweden pledged more than $500M; and Netherlands $125M. Developing countries of Mexico and the Republic of Korea have made voluntary pledges. Total pledges for the GCF stand at $7.5B, progressing towards the $10B target by the next UN climate convention conference.
The GCF was established in 2010 and supports global climate efforts and contributes to the UNFCCC objectives. It is a key part of the annual $100B support promised by developed countries to developing countries by 2020 for emission mitigation and climate adaptation efforts.
Originally published by EnerKnol.
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