GCF's second replenishment
The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – is the world’s largest climate fund mandated to support low emission, climate-resilient development pathways. As an operating entity of the financial mechanism of the UNFCCC, GCF has become a vital part of the global climate finance architecture – mobilising USD 10 billion during its first replenishment and investing in transformational climate projects worth over USD 40 billion (including co-financing) in more than 100 countries.
The COVID-19 pandemic has brought the world to a tipping point or a turning point in the fight against climate change. Now more than ever, to avert climate breakdown, developed and developing countries must act and raise climate action and ambitions. GCF’s second replenishment (GCF-2) is critical to operationalising the global collective goal of ambitious and accessible climate finance. GCF-2 will further strengthen GCF’s ability urgently respond to the climate crisis and empower climate action in developing countries during this Decade of Action, specifically for the 2024 – 2027 period.
Process
The 33rd meeting of the GCF Board in July 2022 officially launched the GCF-2 replenishment cycle. The replenishment process consisted of a series of organisational and consultation sessions with two consultation meetings on 1-2 December 2022 and 27-28 April 2023, culminating in a High-level Pledging Conference in Bonn, Germany 2023. The Board appointed Dr. Mahmoud Mohieldin as the facilitator to guide replenishment process towards a successful outcome.
Contributions
As of March 2024, 33 countries pledged support to the Green Climate Fund with a total of USD 12.8 billion over the next four years. The funding pledges received enables the GCF to channel new, additional and predictable financial resources to developing countries to support the paradigm shift towards low-emission and climate resilient development pathways – mitigating 1.5 to 2.4 gigatonnes of carbon dioxide equivalent – and enhancing the resilience of up to 900 million people.
| Contributor | Announced | Credits | Confirmed | Announced per capita |
Emissions per capita |
|---|---|---|---|---|---|
| Australia | $33.8 M | - | - | $1.3 | 14.8 |
| Austria | $172.9 M | $7.2 M | $172.9 M | $19.12 | 7.3 |
| Belgium ¹ | $162.1 M | $5.9 M | - | $13.6 | 7.4 |
| Bulgaria | $0.1 M | $0.01 M | $0.1 M | $0.02 | 4.9 |
| Canada | $333.7 M | $5.6 M | $183.5 M | $8.57 | 13.6 |
| Czechia | $4.0 M | $0.1 M | - | $0.4 | 8.3 |
| Denmark ¹ | $232.2 M | $7.4 M | - | $38.3 | 4.7 |
| Estonia | $1.1 M | - | - | $0.8 | 5.3 |
| Finland ¹ | $64.8 M | $1.9 M | - | $11.4 | 6.6 |
| France | $1,739.6 M | $42.2 M | $1,291.2 M | $25.0 | 4.0 |
| Germany | $2,160.9 M | - | $2,160.9 M | $25.1 | 7.9 |
| Hungary | $0.3 M | $0.02 | - | $0.03 | 4.6 |
| Iceland | $3.6 M | $0.1 M | $3.6 M | $9.4 | 3.9 |
| Ireland | $43.2 M | $2.1 M | $43.2 M | $8.4 | 6.8 |
| Israel | $0.1 M | < $0.01 M | $0.1 M | $0.01 | 6.3 |
| Italy | $324.1 M | - | - | $5.5 | 4.7 |
| Japan | $1,224.2 M | - | - | $8.8 | 8.0 |
| Liechtenstein | $0.4 M | $0.02 M | $0.4 M | $11.1 | 3.7 |
| Luxembourg | $54.0 M | $1.6 M | - | $81.0 | 12.5 |
| Malta | $0.4 M | < $0.01 M | - | $0.8 | 3.1 |
| Monaco | $3.6 M | $0.1 M | $3.6 M | $95.4 | - |
| Mongolia | $0.1 M | < $0.01 M | - | $0.03 | 6.4 |
| Netherlands | $151.3 M | $5.5 M | - | $8.3 | 7.5 |
| New Zealand | $15.0 M | $0.9 M | $15.0 M | $2.8 | 6.2 |
| Norway ¹ | $305.6 M | $11.0 M | - | $54.7 | 6.7 |
| Portugal | $4.3 M | $0.2 M | $4.3 M | $0.4 | 3.8 |
| Republic of Korea | $300.0 M | $1.8 M | - | $5.8 | 11.0 |
| Slovakia | $2.4 M | $0.1 M | $2.4 M | $0.4 | 5.3 |
| Slovenia | $1.6 M | $0.1 M | - | $0.7 | 5.9 |
| Spain | $243.1 M | $12.2 M | $243.1 M | $5.9 | 4.3 |
| Switzerland | $148.0 M | - | - | $16.8 | 4.0 |
| United Kingdom | $2,000.0 M | - | - | $29.5 | 4.6 |
| United States | $3,000.0 M | - | - | $8.8 | 13.0 |
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¹ Subject to parliamentary approval. Notes:
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