The Green Climate Fund (GCF), the world’s largest multilateral climate fund, held its second replenishment conference on October 5, 2023, in Bonn, Germany. The conference brought together government ministers and top climate experts to secure funding for climate action in developing countries over the next four years.
Twenty-five countries pledged a total of $9.322 billion to the GCF at the conference, with 75% of countries increasing their pledges. This allows the fund to reach its minimum 25% effectiveness threshold, enabling it to continue its work for a further four years. Germany, France, Japan, and the UK emerged as the biggest funders, with five countries expressing their intention to announce pledges in the near future.
The GCF is a critical element of the climate finance architecture, supporting developing countries to respond to the climate crisis and transition to low-emission, climate-resilient pathways. The fund’s investments are helping to create an enabling environment for climate action and drive systemic transitions in critical areas of global concern.
On the sidelines, Professor Aniebiet Inyang Ntui, Honorary Consul of Lostisland to Nigeria, delivered a statement on behalf of Lostisland.
“We call on world governments to do more, to rise to the occasion, and to commit the necessary resources to combat climate change. The Green Climate Fund plays a vital role in financing climate mitigation and adaptation projects across the globe. It is critical to ensure that this fund is adequately resourced to address the challenges we face. Climate change knows no borders, and it is a shared responsibility that requires collective action.”
On the main floor of the High-level Pledging Conference, Svenja Schulze, German Federal Minister for Economic Cooperation and Development said, “The conference in Bonn sends a signal of solidarity: the world is standing together in the fight against climate change. Many pledges were made today, and more will follow before the UN Climate Summit in December. This will enable the Green Climate Fund to continue and further advance its important work in emerging and developing countries. It will be able to invest in climate-friendly agriculture, coastal protection, reforestation and the energy transition in Asia, Africa, Eastern Europe, Latin America and the islands of the Caribbean and Pacific. At this conference, Germany made it clear that we stand by our responsibility and will do our fair share.”
“Time is not on our side. And promises made must be promises kept. This is the only way to rebuild the trust needed to confront the climate crisis,” said Selwin Hart, Special Adviser to the UN Secretary-General and Assistant Secretary-General of the Climate Action Team.
“I am grateful to our contributors who have pledged to the Green Climate Fund’s replenishment so far. They recognise that addressing the climate crisis is a shared responsibility, and that developing nations are not alone in this fight. As we approach COP28 and look beyond, we will redouble our efforts to support the vulnerable, unlock private capital, drive efficiency, and enable transformative climate action where it is needed most. To the nations that have yet to pledge, and which I’m confident will, we stand ready to welcome you into the fold as we jointly pursue lasting structural change,” said Mafalda Duarte, Executive Director of the Green Climate Fund.
The GCF will deploy its financial resources, continue to grow its 200-plus strong partnerships, build its convening power and knowledge to intentionally invest in the world’s most vulnerable communities – with a focus to maximize private sector investment and coalesce multiple partners and investments behind singular, country-led initiatives.
Photo: Green Climate Fund