The Green Climate Fund (GCF) welcomes Canada’s announcement it will contribute CAD 300 million to the Green Climate Fund. The announcement was made by Canadian Prime Minister Justin Trudeau at the recently concluded G7 Summit in Biarritz, France.
Responding to the announcement, GCF Executive Director Yannick Glemarec stated: “The Green Climate Fund welcomes the Canadian government’s commitment to contribute funds to GCF. This reflects Canada’s strong interest in promoting transformative climate outcomes in developing countries. The announcement reflects global support for the Fund to help developing countries raise and realise climate ambitions.”
Canada is now the fourth nation to indicate it will support GCF in its current replenishment drive after the UK government’s announcement, also made during the G7 Summit. This follows Germany and Norway which were the initial countries to announce contributions to GCF at the end of 2018. So far, all three countries have announced a doubling of their initial contributions in national currency.
Canada will host GCF’s second consultation meeting in Ottawa on 29-30 August. This will be followed by a pledging conference in autumn this year. GCF’s first formal replenishment was launched during the 21st GCF Board meeting in October 2018. The process includes consultation meetings with potential contributors, developing countries, GCF Board members and interested stakeholders on the strategic directions of the Fund to respond to the urgency of climate action in developing countries.
GCF has now allocated over USD 5.2 billion to 111 climate projects in 99 countries. In addition to project funding, the Fund has also approved USD 160 million for capacity building activities (known as readiness support) helping 126 developing countries identify and address their most pressing climate finance challenges.