The shared urgency of addressing climate change took an historic step forward with 27 countries pledging to replenish the Green Climate Fund (GCF) by USD 9.78 billion equivalent for the next four years. The resources will help developing countries reduce greenhouse gas emissions and adapt to the negative effects of global warming, such as rising sea levels, record temperatures, prolonged drought, and more frequent and severe weather events.
The amount pledged exceeds the USD 9.3 billion announced at the Fund’s previous pledging conference in 2014, even though some of those contributors have yet to pledge. Three-quarters of the countries increased their pledges in national currency. Nearly half of them doubled or more than doubled their pledges. This is a seventy percent increase in our programming resources on an annual basis. The United Kingdom, France, Germany, Japan and Sweden are the top contributors. The Fund will continue receiving contributions in the coming four years.
The pledges demonstrate strong and continued confidence in the Fund’s unique ability to promote a paradigm shift towards low-emission, climate-resilient development. In particular, these commitments will enhance the Fund’s ability to support developing countries to design and deliver ambitious climate action plans. By 2020, governments are expected to submit updated plans, known as Nationally Determined Contributions (NDCs), which are key to the Paris Agreement.