France and Canada convert their pledges into usable resources for GCF
"As we are about to finalize an ambitious agreement on climate, the Green Climate Fund has to be able to fully play its role to help developing economies become less reliant on carbon," said H.E. Michel Sapin, French Minister of Finance.
H.E. Catherine McKenna, Canada's Minister of Environment and Climate Change, who spoke on behalf of Marie-Claude Bibeau, Minister of International Development, said today from the COP 21 conference venue at Le Bourget: "Canada is committed to supporting developing countries increase their capacity to mitigate climate change, adapt to its adverse impacts, and improve environmental sustainability, which underpins the health and livelihoods of their people.”
With this development, GCF has reached approximately USD 6.5 billion equivalent in signed contributions, using the exchange rate of its initial resource mobilization period.
So far, around 40 countries, regions, and cities have made pledges to GCF. The Fund encourages all contributors to rapidly convert their pledges into signed agreements, for the remaining share of the USD 10 billion funds to be committed.
GCF continues to invite potential public contributors to come forward and pledge additional resources to the Fund.
GCF is a key operating entity under the financial mechanism of the UNFCCC. It is fully operational and has started to support developing countries in implementing their priority projects for a low-emission and climate-resilient future.