Pledges made towards GCF at the United Nations Climate Summit 2014

Source: Green Climate Fund website

UN Secretary-General Ban Ki-moon invited leaders to a Climate Summit to raise political momentum for a meaningful universal climate agreement in Paris in 2015. An unprecedented 125 Heads of State and government attended the gathering. They were joined by more than 800 leaders from business, finance and civil society.

Leaders expressed strong support for the Green Climate Fund. Several of them called for the Fund’s initial capitalization at an amount no less than $10 billion. To date, a total of $2.3 billion was pledged towards the Fund’s initial capitalization.

This summary details the pledges made towards the Green Climate Fund, as well as the most significant announcements with regard to the Fund and climate financing, both from public and private sources.

 

 1.   Pledges made to date towards the Green Climate Fund (Overview):

There was a total of USD 2.3 billion in pledges to the Fund’s initial capitalization, including from eight new countries. Six other countries committed to allocate contributions by November 2014 (figures in approximate USD).

Germany      1,000 m

France         1,000 m

Korea          100 m

Switzerland  100 m

Denmark      70 m

Norway        33 m

Mexico        10 m

Luxemburg   6.8 m

Czech Republic     5.5 m

Total:           ~ 2.3 billion

    

 

  1. Significant announcements made with regard to the Green Climate Fund

(Annex I Countries)

+++ The Minister of Foreign Affairs of the Czech Republic, H.E. Lumbomir Zaoralek announced that “the Czech Republic is ready to contribute 5.5 million USD to the Green Climate Fund over the next two years.”

+++ The President of the Republic of Finland, H.E. Mr. Sauli Niinisto, said: “Your request to intensify efforts for faster climate action has been heard in Finland. As stated last year in the Warsaw climate conference, Finland will contribute to the Green Climate Fund. Now I am proud to announce that Finland intends to contribute her fair share to the Initial Resource Mobilization of the Fund.”

+++ The President of the Republic of France, H.E. Francois Hollande said: “The Green Climate Fund is a new prospect that needs to be well equipped. And France will provide one billion USD over the next few years as our contribution to the Green Fund. The Green Fund will help countries to invest in energy transition. The Green Fund will be a considerable opportunity for enterprises to transition towards renewable energy. The Green Fund will also be an opportunity for growth. It will not only be a mark of solidarity, but also of capacity for the global economy to engage into a new model of development.”

+++ The Minister of Environment of the Federal Republic of Germany, H.E. Barbara Hendricks said: “The richest countries must stand by poorer countries as their Partners. Germany will provide up to EUR 750 million (about 1 billion USD) to the initial capitalization of the Green Climate Fund. Seeing as many countries as possible contribute to the initial funding before the conference in Lima would send an important signal to developing countries.”

+++ The Prime Minister of Japan, H.E. Shinzo Abe said: “Regarding the Green Climate Fund, when the relevant conditions for receiving the contributions are met, we will consider to contribute the fair share of the burden.”

+++ The Minister of the Environment of Luxemburg, H.E. Carole Dieschbourg said: “The Green Fund for the climate must play an important role in providing resources for developing countries. For this reason I am proud to announce to you today that the Luxemburg government will contribute EUR 5 m, which is USD 6.8 m to the Green Climate Fund. The level of this contribution may appear modest in absolute terms, but in relative terms, it is almost 10 EUR per person. And therefore our contribution is comparable to others. It demonstrates the desire of Luxembourg to progressively increase its support to developing countries. Beyond this contribution Luxemburg will continue to explore opportunities arising of possible public-private financing. In this context it is also important to clarify that the resources provided will continue to be additional to official development assistance. For Luxemburg this is one percent of our national GDP.”

+++ The Prime Minister of the Republic of Malta, The Hon. Dr. Joseph Muscat said: “As an EU Member State, Malta remains committed to the efforts that the EU undertakes in its contributions to climate action to financially and technically support developing countries through the EU budget and the mobilization of the Green Climate Fund.”

+++ The Prime Minister of the Netherlands, H.E. Mark Rutte said: “We are keen to contribute to the Green Climate Fund.”

+++ The President of the United States, H.E. Barack Obama noted: “We have been working shoulder to shoulder with many of you to make the Green Climate Fund a reality. But let me be honest, none of this is without controversy. In each of our countries there are interests that will be resistant to action. And in each country there is a suspicion that if we act, and others don’t, we will be at an economic disadvantage. But we have to lead. This is what the United Nations and this Assembly is about.”

+++ The Federal Councilor of the Swiss Federation, H.E. Doris Leuthard said: “Switzerland is considering a contribution of at least 100 Mio USD to the Green Climate Fund and will be ready to formally announce it at the GCF Pledging Conference in November. We all need to act. Most importantly, facts and fairness require the major emitters especially to act. I therefore expect all partners, especially all major economies, to submit an ambitious INDC in the first quarter of 2015. And, I expect all those who are in a position to do so to contribute to the capitalization of the Green Climate Fund.”


(Non-Annex I Countries)

+++ The Prime Minister of Antigua and Barbuda, H.E. Gaston Browne said: “The people are frustrated because the governments of the nations that are among the worst offenders delay in making their contributions to the Green Climate Fund launched three years ago to mobilise 100 billion dollars by 2020. The GCF is yet to receive any funds that can be disbursed to developing countries. Demanding that small states, such as mine, take on more commitments without any financial resources or technology transfer is contrary to the United Nations Framework Convention on Climate Change. Only Germany has so far indicated its willingness to contribute 100 billion dollars to the Fund. Others have been deafeningly silent. We thank the German government for this stellar example of international responsibility. Likewise we commend those governments who have boldly made commitments today. We urge other governments of industrialized nations not to continue to be shamed by their own lack of action.”

+++ The Prime Minister of the Bahamas, The Right Hon. Perry Christie welcomed “the progress of the Green Climate Fund, and called for accelerating its operationalisation, so that the Fund is ready to start disbursing resources by the Paris Summit in 2015.”

+++ The Prime Minister of Bangladesh, H.E. Sheikh Hasina said that “the Green Climate Fund is crucial, and that its early capitalization is equally crucial.”

+++ The Prime Minister of Barbados, The Right Hon. Fruendel Stuart said: “We call on our global partners to stand with the most vulnerable and energize the enabling mechanisms including the Green Climate Fund and the Adaptation Fund to assist us in arresting the escalating and devastating impacts of climate change.”

+++ The Special Envoy of the President of the People’ Republic of China, H.E. Zhang Gaoli said: “Developed countries need to intensify emission reduction and fulfill their commitment of annual financial support of 100 billion US dollars and technology transfer to developing countries by 2020.”

+++ The Ambassador of Fiji, H.E. Thomson said: “The Green Climate Fund provides the best opportunity for countries to demonstrate their commitment to addressing Climate Change, by expediting its operations through the proposed $15-billion capitalization of the Fund in time for the Lima COP.”

+++ The President of the Republic of Korea, H.E. Park Geun-hye, said: “We will work with bodies like the Green Climate Fund, and the GGGI, to share and spread our experience. The early capitalization of the GCF is vital to the launch of a new climate regime next year. So we look to your contributions to the Fund. The Korean government pledges up to 100 million US dollars to the GCF, including the 50 million we are currently paying.”

+++ The President of Mongolia, H.E. Tsakhia Elbegdorj said: “The Green Climate Fund needs to be made fully operational. If resources are actually transferred as incentive to countries which reduce their GHG emission it will have a multiplier effect.”

+++ The Vice-President of Burundi, H.E. Prosper Bazombasa called for “the Green Climate Fund to be operationalized successfully”.

+++ The President of the Republic of Columbia, H.E. Juan Manuel Santos “called upon his counterparts to capitalize the Green Climate Fund.”

+++ The Minister of Foreign Affairs of the Republic of Guatemala, H.E. Carlos Raul Morales said: “this summit will strengthen the commitment of all countries, particularly in mitigation, adaptation, finance and technology transfer. It is a priority to ensure the early capitalization of the Green Climate Fund.”

+++ The Minister of Foreign Affairs and Cooperation of the Republic of Mozambique, H.E. Mr. Oldemiro Baloi said that “developed countries must show leadership both in assisting developing countries build their climate resilience and on mitigation by increasing ambition of their emission reduction targets. This can be achieved through the implementation of the relevant decisions adopted by the Conference of the Parties, (…) such as the Green Climate Fund.”

+++ The President of the Republic of Nauru, H.E. the Honourable Baron Waqa, speaking as Chair of the Alliance of Small Island States (AOSIS), said: “The certainty of climate finance is essential in building the trust needed for an agreement. That is why we are calling for an initial capitalization of the GCF with $15 Billion USD and simplified access for SIDS.”

  1. Announcements made with regard to other sources of climate financing


+++ The European Union committed $3 billion for mitigation efforts in developing countries between 2014 and 2020.

+++ The International Development Finance Club (IDFC) announced that it is on track to increase direct green/climate financing to $100 billion a year for new climate finance activities by the end of 2015.

+++ Leading commercial banks announced their plans to issue $30 billion of Green Bonds by 2015, and announced their intention to increase the amount placed in climate-smart development to 10 times the current amount by 2020.

+++ A coalition of institutional investors, committed to de-carbonizing $100 billion by December 2015 and to measure and disclose the carbon footprint of at least $500 billion in investments.

+++ The insurance industry committed to double its green investments to $84 billion by the end of 2015.

+++ Three major pension funds from North America and Europe announced plans to accelerate their investments in low-carbon investments across asset classes up to more than $31 billion by 2020.

+++ A new coalition of governments, business, finance, multilateral development banks and civil society leaders announced their intent to mobilise over $200 billion for financing low-emission and climate-resilient development.

+++ Leaders from private finance called for the creation of an enabling environment to undertake the required investments in low-emission climate resilient growth.

+++ Significant new announcements were made on support for South-South cooperation on climate change.

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