Green Climate Fund tops $10billion

Lima, Peru, host of COP20 Lima, Peru, host of COP20 Shutterstock
10 Dec
2014
International Fund achieves initial pledge goal following late contributions by Australian and Belgian governments

The Green Climate Fund now totals $10.14billion, with contributions from 24 countries, after an announcement that they reached the minimum initial funding goal of $10billion at the 20th Conference of the Parties of the UN Framework Convention on Climate Change (COP20) in Lima, Peru.

‘The $10 billion threshold reached here at COP20 is a landmark achievement. I warmly welcome the new pledges from Belgium and Australia and congratulate them for their leadership,’ said Hela Cheikhrouhou, Executive Director of the Fund.

green-climate-fund Dec10-UPDATE WEB 

The Fund can now start using the pledged amount to help developing countries tackle the effects of climate change, and also to make investments in low-emission projects, helping those countries develop without a reliance on fossil fuels. The money is seen as key to achieving a meaningful binding agreement on climate action at the 2015 Climate Summit in Paris, France.

‘The Fund is ready to disburse through a network of your highest performing implementation and financing partners, public and private, local, regional and international,’ said Hela Cheikhrouhou, in a speech at COP20.

‘An innovative feature of this Fund is that it enables a range of entities to be accredited, such as government agencies, NGOs and private sector,’ she added. ‘The Fund will disburse through these accredited entities grants, loans, equity and guarantees. These instruments will remove specific bottlenecks faced by climate‐smart investments. This will catalyze a significant multiplier effect. Our savings will at last be put towards building a low emission and climate resilient future.’

The next stage of the Green Climate Fund is to raise $100billion a year, from public and private sources, by 2020.

Share this story...

Submit to FacebookSubmit to Google PlusSubmit to Twitter

Related items

Geographical Week

Get the best of Geographical delivered straight to your inbox every Friday.

LATEST HEADLINES

Subscribe Today

EDUCATION PARTNERS

Aberystwyth UniversityUniversity of GreenwichThe University of Winchester

TRAVEL PARTNERS

Ponant

Silversea

Travel the Unknown

DOSSIERS

Like longer reads? Try our in-depth dossiers that provide a comprehensive view of each topic

  • The Air That We Breathe
    Cities the world over are struggling to improve air quality as scandals surrounding diesel car emissions come to light and the huge health costs of po...
    The Nuclear Power Struggle
    The UK appears to be embracing nuclear, a huge U-turn on government policy from just two years ago. Yet this seems to be going against the grain globa...
    Diabetes: The World at Risk
    Diabetes is often thought of as a ‘western’ problem, one linked to the developed world’s overindulgence in fatty foods and chronic lack of physi...
    National Clean Air Day
    For National Clean Air Day, Geographical brings together stories about air pollution and the kind of solutions needed to tackle it ...
    REDD+ or Dead?
    The UN-backed REDD+ (Reducing Emissions from Deforestation and Forest Degradation) scheme, under which developing nations would be paid not to cut dow...

MORE DOSSIERS

NEVER MISS A STORY - follow Geographical

Want to stay up to date with breaking Geographical stories? Join the thousands following us on Twitter, Facebook and Instagram and stay informed about the world.