Countries must double pledges during Green Climate Fund replenishment

The Green Climate Fund (GCF) – the world’s largest multilateral fund for action on climate change – is holding its second consultation on the first replenishment in Ottawa, Canada.

In the midst of the talks, civil society has welcomed the announcements by countries including Germany, France, the United Kingdom and Norway to double their pledges in local currency in comparison to contributions made during the initial capitalisation of the Fund.

Whilst these developments are encouraging, the CSOs urge other countries to follow suit and announce their pledges imminently, starting at the upcoming UN Climate Action Summit during September in New York.

“It’s vital that wealthy countries with the highest emissions contribute to the Fund and work together with those most affected to adapt to the changing climate and mitigate its effects,” said Kiri Hanks, Climate Policy Advisor, Oxfam. “The UK, France and Germany have set the bar by doubling their pledge, sending a strong signal to others that backtracking is not ok. A meaningful replenishment would involve reaching at the very least $15 billion in pledges before the end of the year." 

In light of the urgency of the climate crisis that the international community is facing and as highlighted by new science such as contained in the recent Special Report of the Intergovernmental Panel on Climate Change (IPCC) on Climate Change and Land, it is of utmost importance that all developed countries make ambitious pledges.

They must at least double the amounts they gave during the initial resource mobilization.

In particular, those countries who have contributed less generously on either per GDP or per capita basis should go well beyond doubling in this round to do their fair share.

This can positively contribute to enhancing climate ambition, especially as countries are expected to step-up their national commitments under the Paris Agreement next year.

The report is expected to add weight to the existing science and findings from the IPCC Special Report on Global Warming of 1.5°C released last year and the IPBES Global Assessment Report on Biodiversity and Ecosystem Services from earlier this year.  

“We have only a small window of opportunity to act decisively to address the climate crisis. We need to do more, do it faster and do it at a scale that transforms key sectors like energy and transport, among others,” noted Mark Lutes, WWF Climate and Energy senior advisor, global climate policy. “To do that, there must also be sufficient finance available to support the efforts of developing countries to make this transition. We call on developed countries to provide at a minimum double the contributions (in US dollars) made in the first funding round. Without this minimum level of financial support, countries will be hamstrung in responding to the climate crisis. And in the face of urgent and growing climatic disruptions, we know we cannot afford any delay.”

Every penny counts in the fight against climate change. As countries have agreed that the Fund operates in United States Dollar, as a minimum, countries must announce that they intend to at least double their contributions in this currency.