Norway to double its contribution to GCF
Norway already pledged USD 258 million to the Fund last year as part of the initial resource mobilization and has now promised to double that figure by 2020, provided that GCF can finance verified emissions reductions in deforestation and forest degradation.
Speaking at the Paris climate conference, Prime Minister Solberg stressed the importance of climate finance and Norway’s support for the Fund.
"The Green Climate Fund is now ready for business. I am pleased to announce today that Norway will significantly increase its contributions. If the Fund secures verified emission reductions from deforestation and forest degradation in developing countries, we will double our contribution by 2020," she stated.
Børge Brende, the Foreign Minister of Norway, also reinforced his country's support for GCF.
He emphasized the role of the Fund in adaptation projects, stating, “The Green Climate Fund will reduce developing countries’ vulnerability to climate change. Investments in adaptation to climate change are investments in development.”
GCF opened its initial resource mobilization in October 2014, rapidly reaching USD 10 billion equivalent by the end of the year.
The Fund remains open for contributions during its initial resource mobilization period and accepts them on an ongoing basis.