GCF welcomes Denmark’s increase support for climate action
The Green Climate Fund (GCF) welcomes Denmark’s announcement of a USD 232 million pledge for GCF’s second replenishment (GCF-2). Denmark has contributed to GCF since the Fund’s initial resource mobilisation period; this pledge represents a 100 per cent increase (in Danish Krone) on their commitment from the first replenishment.
Denmark is the 6th contributor to announce a pledge for GCF-2, joining Czechia, Austria, Germany Monaco, and Canada. GCF warmly welcomes Denmark’s significant contribution increase, recognising Denmark’s strong commitment to global climate action in the lead up to COP28, and its confidence in GCF to invest in critical climate progress. Denmark’s pledge reflects the growing momentum for GCF’s second replenishment, which will culminate in the Fund’s High-Level Pledging Conference in Bonn, Germany on 5 October 2023.
‘Being a long-standing partner I’m happy to announce that Denmark intends to double the Danish contribution to the Green Climate Fund. GCF is vital to the global fight against climate change and in helping the most vulnerable cope with its devastating effects,’ said Danish Minister for Development Cooperation and Global Climate Policy Dan Jørgensen.
‘This season’s extreme weather events have again demonstrated that we urgently need to adapt to a new reality where climate change is a threat to the lives and wellbeing of people around the globe – especially in vulnerable countries. Globally, we need to provide much more funding for adaptation. Therefore, I applaud the strong focus on adaptation of GCF,’ he added.
Mafalda Duarte, GCF Executive Director said, ‘Having doubled its GCF contribution from previous levels, Denmark is showing even more leadership in climate finance. I’m grateful to the Kingdom of Denmark for sending a powerful signal to developing countries that their aspirations and our shared future are worth the investment. This decision also provides crucial momentum toward the GCF’s second replenishment, which sets the stage for our most ambitious programming yet.’
GCF is the world’s largest climate fund – currently a USD 12.8 billion fund, with USD 48.3 billion total assets under management, supporting developing nations respond to the climate crisis by funding mitigation and adaptation projects.
