Rich nations fail to scale up finance at Green Climate Fund Pledging Summit

Rich nations have committed in total about $9.3 billion at the Green Climate Fund Pledging Summit in Bonn.

Overall, the commitments fall short of the scale of what is needed amidst the urgency of climate impacts that are hitting vulnerable communities in developing countries.

Polluter nations failed to deliver their fair-share with Australia, Switzerland, Italy and Sweden claiming to make pledges later and the USA failing to even do that and offering nothing.

While the pledging summit offered an opportunity for countries to raise their commitments on finance, it is critical that countries continue to come forward and make new and increased pledges ahead of COP28.

“The Green Climate Fund (GCF), envisioned as the lifeline for climate action in developing nations, is held back by the indifference of wealthy countries. The world's vulnerable populations face an escalating climate crisis, with their path to a sustainable future undeservedly delayed. The GCF is central to the climate finance structure and warrants funding commensurate with its importance. It's vital to underscore that public finance is key to ensuring vulnerable nations receive the support they need, particularly for boosting adaptation efforts,” said Harjeet Singh, Head of Global Political Strategy, Climate Action Network International.

“While Ireland's 150% pledge increase is praiseworthy, the tepid commitments—or outright stagnation—from nations such as Japan and Norway are deeply concerning. Some countries, like Sweden, seem to sidestep their obligations by urging developing nations to contribute to the Fund. The silence of the United States, even as it participates on the GCF Board and shapes policies without meeting its financial obligations, is glaring and inexcusable.

“With COP28 on the horizon, the GCF replenishment conference has fallen short of expectations. However, it's important to remember that nations are not restricted to making pledges only during set intervals; they can and should step forward with contributions at any time to support climate action,” he noted.