With initial financing of 9.3 billion US-Dollars the Green Climate Fund (GCF) will make a substantial contribution to climate action in developing countries. More countries have announced to make their pledges by the end of the year. This is the outcome of the international Pledging Conference which the German government hosted today in Berlin. Federal Development Minister Gerd Müller and Federal Environment Minister Barbara Hendricks said the result showed "that the world is standing together on climate action" and that it was an encouraging sign for the upcoming negotiations on a global climate agreement.
Federal Environment Minister Hendricks: "Climate action needs solidarity. Mobilising resources for the Green Climate Fund is an indication that we will not desert developing countries in the fight against climate change. Our goal with the GCF is to help developing countries to bring their economies, from the outset, onto a climate-friendly course in line with the 2 degree target. Today's result is an encouraging sign for the climate negotiations and will strengthen trust between developing and developed countries. I hope that all states will now have the confidence to submit their own contributions for the international climate agreement."
Federal Development Minister Müller: "Climate change is a fundamental issue for human survival. We either solve it together or not at all. Today's financial pledges are a sign that the global community is standing together on this issue. From the reforestation of tropical rainforests to coastal protection and knowledge transfer on renewable energies - in the coming year the world can prove it means business with the 2 degree target!"
The decision to establish the Green Climate Fund (GCF) was adopted at the 2010 climate summit in Cancun. The contributions now pledged make it the largest multilateral climate fund and a cornerstone of international climate finance.
The goal of the GCF is to support developing countries – in particular the poor and vulnerable – on their road to low-emission, climate-resilient development. To this end it will provide grants and credits for both mitigation and adaptation measures. The Fund also aims to mobilise private investment in climate action.
Today's Pledging Conference was the third and decisive session to mobilise initial resources for the fund. 32 countries participated in the conference. At the Petersberg Climate Dialogue in July, Chancellor Angela Merkel already announced a German contribution of 750 million euros, making Germany the first donor country for the Green Climate Fund.