Pledging conference in Paris for replenishment of Green Climate Fund sends positive signals for COP 25
Pledges for around 9.77 billion US dollars in additional funding for the largest international climate action fund came together today at the international pledging conference in Paris. Numerous donor countries followed Germany’s example by doubling their contributions to the Green Climate Fund (GCF). Germany will provide 1.5 billion euros for the replenishment of the fund. The successful replenishment sends an important message ahead of the UN Climate Change Conference (COP 25), to take place in December in Santiago, Chile. At the UN Climate Change Conference in Katowice in December 2018, Germany was one of the first countries to announce its intention to double its contribution to the GCF to 1.5 billion euros.
Federal Environment Minister Svenja Schulze commented: "We will not leave developing countries alone in the fight against climate change. We are showing global solidarity with the German contribution to the Green Climate Fund and the successful replenishment of the instrument. This is well-invested money because it will help advance green solutions around the world."
The Green Climate Fund is an important instrument for supporting developing countries as they implement the Paris Agreement. The fund is tasked with promoting transformational projects that benefit climate-friendly development. At the GCF pledging conference today in Paris, over 9.77 billion US dollars were pledged for the first replenishment of the fund. This result is an important basis for the joint efforts of the international community to raise the level of ambition in climate action. The current replenishment of the Green Climate Fund is an important signal acknowledging the commitment made by industrialised countries to mobilise 100 billion US dollars annually for climate financing in developing countries from 2020 to 2025.
In total, the fund has already supported 111 projects in 99 countries. The replenishment opens up doors for further measures in developing countries aimed at mitigating greenhouse gas emissions and adapting to climate change. At least 27 countries will make additional funds available to the GCF, and the majority will double or significantly increase their previous contributions.
In Germany, the BMU and the Federal Ministry for Economic Cooperation and Development (BMZ) hold joint responsibility for interactions with the Green Climate Fund. The German contribution comes from the BMZ budget.