The High-level Pledging Conference of Green Climate Fund on 20 November 2014 pledged to contribute 9.3 billion US dollars towards the Green Climate Fund (GCF) to help developing countries cut emissions and prepare for climate change.
The decision to contribute towards the fund was taken during the Conference’s meet at the Federal Ministry for Economic Cooperation and Development Office (BMZ) in Berlin, Germany. The Conference was attended by 30 rich nations.
The fund pledged by 30 rich nations falls short of 10 billion US dollars target set for the climate conference scheduled to be held in Lima, Peru on 1 December 2014. The mobilised fund will be disbursed over four years from 2015.
The fund is seen as a step toward the goal set at the Copenhagen climate summit five years ago. It set the goal of mobilising 100 billion US dollars a year for broader climate finance by 2020.
The money will be spent equally on climate change adaptation and mitigation, especially for the most vulnerable nations that include small island nations and Africa's poorest countries.
Country-wise contribution to GCF
About Green Climate Fund
At the 16th session of Conference of the Parties (COP 16) held under the aegis of UNFCCC in Cancun, Mexico, it was decided to establish a Green Climate Fund (GCF) as an operating entity of the Financial Mechanism of the Convention.
The GCF will support projects, programmes, policies and other activities in developing country Parties. The Fund will be governed by the GCF Board.
GCF Board sits in South Korea and its Executive Director is Hela Cheikhrouhou.
The fund was agreed by developed countries because they have caused the majority of global warming so far and their CO2 emissions stay in the atmosphere for 100 years.
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