Germany makes record EUR 2 billion pledge to Green Climate Fund
The Green Climate Fund commends and strongly welcomes the announcement by Germany that it will contribute EUR 2 billion to the Fund’s second replenishment (GCF-2).
German Chancellor Olaf Scholz made the announcement at the Petersberg Climate Dialogue on May 3, 2023 in Berlin. The pledge is a 33 percent increase on Germany’s contribution to the Fund’s first replenishment and once confirmed, will be the single largest contribution to GCF in its history to date.
Responding to the news, GCF Executive Director ad interim Henry Gonzalez said, “This record pledge from Germany shows their commitment to climate leadership. These funds will deliver critically needed finance to build climate resilience and reduce emissions in developing countries. It is a strong vote of confidence in GCF’s ability to deliver transformative climate action to the most vulnerable people. We now look to other contributors to match this level of ambition and help ensure the GCF-2 replenishment is a success.”
The second GCF replenishment was launched during the 33rd meeting of the GCF Board in July 2022. The process includes consultation meetings with potential contributors, Board members and observers. The replenishment will culminate with a high-level pledging conference on 5 October 2023, to be hosted by Germany in Bonn.
Background:
* The pledge will support climate investments by GCF during the 2024-2027 period (GCF-2).
* When confirmed, Germany’s GCF-2 pledge will be the largest single contribution to GCF in the Fund’s history, to date.
* It is a 33% increase on the amount pledged by Germany during the Fund’s first replenishment (EUR 1.5 billion).
* It follows the recent pledge by Austria of EUR 160 million, which represented a 23% increase on its GCF-1 pledge, as well as an earlier pledge made last year by Czechia.
* Last month the United States announced an immediate contribution of USD 1 billion to GCF.
* With this pledge, Germany will become the largest cumulative contributor to GCF to date, since its initial capitalization. Including this new announcement, Germany has pledged a total of EUR 4.25B to GCF since 2014.
