Yesterday in Berlin, the Green Climate Fund (GCF) “Pledging Conference” concluded with USD 9.3 billion being pledged in support of climate action in developing countries. The table below shows the countries that we know have pledged, including today’s (21/11/2014) pledge from Canada bringing the overall total to USD 9.438 billion.

Having received the minimum amount of pledging necessary to become monetarily operationalised, the fund can now get down to its real work of supporting developing countries around the world in making the transition towards low-carbon sustainable societies, whilst adapting to the growing impacts of climate change.

New pledges were made by several EU Member States, including the UK, Sweden and Italy. This has left those developed countries that did not pledge, such as Australia, China, and Russia increasingly isolated on the world stage.

Country

$ USD

Notes

Original currency (OC) – if pledge made in OC

United States of America

3000 m

Maximum 30% of total pledged

 

Japan

1500 m

Subject to National Diet approval

 

United Kingdom

1126 m

Entirely from Overseas Development Aid (ODA) money

£720 m

France

1035 m

€225 million as loans, €55 million as capital cushion

 

Germany

940 m

Grant

€750 m

Sweden

580 m

Grant, subject to Parliamentary approval

4000 m (SEK)

Italy

313 m

Grant

€250 m

Canada

265 m

   

The Netherlands

134.8 m

Grant. Given, over four years.

 

Norway

130 m

Grant. Is in addition to previously pledged climate finance funds.

 

Finland

100 m

Grant. Subject to Parliamentary approval.

€80 m

South Korea

100 m

Grant until 2018.

 

Switzerland

100 m

In 3 installments between 2015-2017.

 

Denmark

71.6 m

Grant

 

Spain

16.3 m

€13 million cash grant, multi-annual grant to follow.

 

Mexico

10 m

   

Luxembourg

6.3 m

 

€5 million

Czech Republic

5.5 m

   

New Zealand

3 m

   

Panama

1 m

   

Monaco

312,000 thd

   

Indonesia

300, 00 thd

   

Mongolia

50,000 thd

   

Poland

 

Will announce by the end of the year.

 

The GCF must ensure that funds are allocated strategically, and diverted to truly sustainable projects that do no harm. This would in turn provide predictability for developing countries, and additionally act as a clear signal of how developed countries intend to actually scale-up contributions after the initial contribution phase.

To encourage more pledges, countries can decide to include financial support for climate action as part of their national contributions towards the new international agreement due in Paris at the end of next year.

What is more, climate finance funds as a whole need to keep growing if developed countries are to achieve the goal they set themselves of mobilising USD100 billion per year, by 2020. To reach this target will require some innovative thinking, new sources of money, and a plan to scale up existing sources.