COP28: Green Climate Fund receives four new pledges
The Green Climate Fund (GCF) received a boost to its second replenishment (GCF-2) with the announcement of four new pledges. Estonia, Portugal, Switzerland and the United States of America pledged new funding at the opening High-level Segment of world leaders at COP28.
The additional USD 3.2 billion builds on momentum from GCF’s High-level Pledging Conference in Bonn in October, where 25 countries pledged their support to GCF totaling USD 9.3 billion. Total pledges now stand at a record USD 12.5 billion from 29 countries with further contributions expected.
Mafalda Duarte, Executive Director said: “This is a new era for the Green Climate Fund and the investments we need for a future we all deserve. Our record USD 12.475 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 that mobilises innovative partnerships, speeds up reforms to deliver finance quickly and efficiently, and supports transformation where it’s needed most.”
The amount pledged so far in this funding cycle exceeds the USD 10 billion for the first replenishment period (GCF-1). This new funding will enable GCF to channel new, predictable financial resources to developing countries over the next four-year programming cycle (2024-2027) to tackle the impacts of climate change and protect the most vulnerable communities.
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.
The pledges made to the Green Climate Fund at COP28 were: Estonia – EUR 1 million; Portugal – EUR 4 million; Switzerland – CHF 135 million; United States of America – USD 3 billion.
