The Green Climate Fund (GCF) is now 58.5 per cent funded, with $5.5billion in the bank. 33 countries made enough pledges in December 2014 to suppass the GCF target of $10billion, of which 21 countries have so far paid their contributions either in part or in full.
The GCF announced last month that while many countries – including European countries such as Sweden, Germany, and the UK – had delivered their pledges already, the biggest pledges by Japan and the US (of $1.5billion and $3billion respectively) were still outstanding, and that the GCF wouldn’t become fully active until the 50 per cent threshold was passed.
Therefore, following Japan’s contribution of $1.5billion, the GCF can start funding those accredited institutions it has already chosen to support, including the United Nations Development Programme (UNDP), the Asian Development Bank (ADB), and the Secretariat of the Pacific Regional Environment Programme (SPREP). Japan’s announcement coincides with the 7th Pacific Islands Leaders Meeting, which will be held in Japan this week.
The activation of the GCF is significant news ahead of the 21st Conference of the Parties (COP 21) to the UN Framework Convention on Climate Change (UNFCCC) to be held in Paris in December 2015.
‘This achievement means the Fund has reached an important milestone and can now start making financial commitments to developing countries,’ says Ms. Héla Cheikhrouhou, Executive Director of the GCF. ‘The Green Climate Fund commends the Government of Japan for the timely conversion of its pledge to a contribution arrangement with the Fund at such a crucial point in the negotiations ahead of COP 21.’
