The Green Climate Fund (GCF) of the United Nations saw on Thursday 25 countries pledging support worth $9.3 billion to help vulnerable developing nations tackle the effects of climate change over the next four years, GCF said on Thursday.
The Green Climate Fund, set up by 194 countries party to the UN Framework Convention on Climate Change in 2010, aims to mobilize funding at scale to invest in low-emission and climate-resilient development in vulnerable nations which are typically the first ones to feel the impacts of climate change with drought and threats to food security and water supply.
Without financing from other countries and international organizations, developing nations are struggling with investments in green energy and with actions to mitigate the impacts of climate change.
The pledges for the four-year period 2024-2027 came from 25 countries and the fund urged "further contributions from other countries in the coming weeks."
Germany, the UK, France, and Japan were the biggest backers of the fund for the new program period to 2027, Reuters noted.
In addition, 75% of the contributors have raised their commitments compared to the previous program period.
"The funding pledges received today enable 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," GCF said in a statement.
Svenja Schulze, Germany's Federal Minister for Economic Cooperation and Development, commented,
"Many pledges were made today, and more will follow before the UN Climate Summit in December. This will enable the Green Climate Fund to continue and further advance its important work in emerging and developing countries."
The fund allocates its resources to low-emission and climate-resilient projects and programs in developing countries, especially communities that are highly vulnerable to the effects of climate change in the Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States.
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. More