Monday, December 8, 2014
Norway pledge takes Green Climate Fund nearer to 10 billion USD
At Peru on 5th Dec, the Norway government announced to provide NOK 1.6 billion (approximately US$ 258 million equivalent) to the Green Climate Fund over the next four years, bringing total pledges of contributions to the Fund to approximately US$ 9.95 billion equivalent. This amount, just shy of US$ 10 billion, includes all pledges and contributions made to the Fund since its establishment.
A total of 22 countries have pledged to the Green Climate Fund, with Canada, Spain and Norway announcing increased pledges after the Fund’s first pledging conference that was held in Berlin on 20 November 2014.
The objective of the Green Climate Fund is to be one of the main channels for funding both mitigation and adaptation measures in developing countries. This is crucial for ensuring sustainable growth and development in poor countries, which will often be most severely affected by climate change.