Paris pledges €1 million to GCF
Over 40 countries have pledged contributions to the Fund, which commenced its initial resource mobilization in 2014 and has so far raised about USD 10 billion equivalent, of which close to 60% has already been converted into signed agreements.
Ms. Cheikhrouhou welcomed the pledge, stating that “it is a very strong signal that can be emulated by other cities and regions.” Mayor Hidalgo’s leadership, continued Ms. Cheikhrouhou, “could have a ripple effect” in encouraging other cities and regions to support the Fund.
Urging other cities to follow suit in pledging to the Fund, Mayor Hidalgo stressed the need for climate action at both the local and global levels.
“Fighting against damaging climate change means putting in place ambitious domestic policies, but also providing the financial means to the most vulnerable countries so that they can protect their populations,” stated Mayor Hidalgo.
During the meeting with the Fund, Mayor Hidalgo explained that Paris was already active in North-South cooperation with other cities, including in Tunis, Kinshasa, and Brazzaville. Paris has a particular interest in developing the resilience of cities to adapt to the adverse impacts of climate change.
Ms. Cheikhrouhou recalled that supporting sustainable cities is an investment priority for the Fund, both to improve their resilience and reduce their emissions.
The Fund approved its first eight projects at its Board meeting in Zambia last month, for a total GCF investment of USD 168 million.
GCF will build its investment profile over the coming years and is seeking ambitious projects from developing countries that will catalyse the transition to low-emission, climate-resilient development.
The Fund remains open for contributions during its first funding period (2015-2018), and accepts them on an ongoing basis.