GCF welcomes Sweden’s SEK 8 billion pledge to the Fund
The Green Climate Fund (GCF) welcomes the Swedish government’s pledge of SEK 8 billion (USD 763 million) for the Fund’s second replenishment (GCF-2).
Sweden has been a long-term contributor to GCF, supporting the Fund for its initial resource mobilisation and first replenishment (GCF-1). GCF gladly welcomes the SEK 8 billion contribution, affirming Sweden’s continued commitment to GCF as it delivers strengthened climate results and greater access amidst reforms to become more efficient and impactful. The pledge also affirms Sweden’s commitment to raising ambitions in global climate action.
Benjamin Dousa, Sweden’s Minister for International Development Cooperation and Foreign Trade, said, “The climate crisis is a global crisis. Sweden plays a proactive role in international climate action and we want to increase climate aid and make it more effective. The Green Climate Fund is one of our most important partners. We want the GCF to prioritise innovation, green transition through investments in fossil-free energy, energy efficiency and climate-smart infrastructure, and it needs to strengthen climate resilience in developing countries.”
Mafalda Duarte, GCF Executive Director said, “Sweden has consistently demonstrated global climate leadership, and their substantial pledge to GCF is yet more proof that Sweden’s commitment to developing countries is as steadfast as ever. The Fund’s latest replenishment now exceeds USD 13.5 billion, which is 36 per cent above the previous round. We are on a strong footing for efficient climate action that delivers impact where it matters most.”
With this latest pledge, total pledges to GCF now stand at a record USD 13.6 billion from 34 countries and one region, exceeding the USD 10 billion pledged for GCF-1. This new funding will enable GCF to channel new, predictable financial resources to developing countries to mitigate and adapt to climate change over the GCF-2 programming cycle (2024-2027).
As the world’s largest multilateral climate fund, GCF has a portfolio of 286 projects worth USD 16 billion (USD 61.5 billion, including co-financing), delivering transformative climate action in 133 developing countries.
