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Green Climate Fund Secures Record Funding at COP28

By Faridat Salifu

The Green Climate Fund (GCF) has achieved a significant milestone in its second replenishment (GCF-2) with the announcement of six new pledges at the just concluded COP28.

The additional USD 3.5 billion in pledges, contributed by Australia, Estonia, Italy, Portugal, Switzerland, and the United States of America, further strengthens the GCF’s position following the successful High-level Pledging Conference in Bonn last October. With a total of 31 countries pledging a record USD12.8 billion, the fund is positioned for substantial impact in the upcoming years.

Mafalda Duarte, Executive Director of GCF, expressed enthusiasm for the unprecedented support, stating, “This is a new era for the Green Climate Fund and the investments we need for a future we all deserve.

Our record USD 12.8 billion replenishment means the world’s most vulnerable communities and our partners, including the private sector, have an even stronger ally for ambitious climate action.”

Notably, the amount pledged in this funding cycle exceeds the USD 10 billion achieved in the first replenishment period (GCF-1).

This robust funding will enable GCF to provide new, predictable financial resources to developing countries during the next four-year programming cycle (2024-2027), allowing for impactful measures to address the impacts of climate change and protect vulnerable communities.

In emphasizing the global imperative for climate action, Duarte added, “The need for ambitious action on climate is clear and in 2024 we must collectively unlock further finance – the true enabler of climate action. Countries are raising their ambitions to deliver climate finance to developing countries – but we can do more.”

Pledges made to GCF at COP28 include Australia – AUD 50 million; Estonia – EUR 1 million; Italy – EUR 300 million; Portugal – EUR 4 million; Switzerland – CHF 135 million; and the United States of America – USD 3 billion.

The Green Climate Fund, serving as the world’s largest dedicated climate fund, remains committed to fostering low emission, climate-resilient development pathways in developing countries.

With a portfolio of USD 13.5 billion (USD 51.9 billion including co-financing) and a readiness support programme, GCF is actively supporting the 2015 Paris Agreement’s goal of keeping global temperature rise well below 2°C.

 

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