France commits $1bn to Green Climate Fund
Capitalisation of the fund now stands at US$2.3 billion but there is concern that it will fall short of the annual 2014 target of US$15 billion
France has pledged US$1 billion (£610 million) to the Green Climate Fund (GCF) to support climate change adaptation and mitigation in developing countries.
The French government made the announcement at the UN Climate Summit in New York on Tuesday.
Capitalisation of the fund now stands at US$2.3 billion (£1.4billion) but there is concern that it will fall short of the annual 2014 target of US$15 billion (£9.2 billion).
The fund was launched in South Korea in December last year with the intention of raising up to US$100 billion (£61.2 billion) to support the development of low-carbon economies in poorer nations.
Though they have historically contributed relatively little of the greenhouse gas (GHG) emissions that have accelerated climate change, many developing countries are disproportionately vulnerable to its effects, including extreme weather and falling crop yields.
Germany was the first nation to make a significant donation, committing US$1 billion (£610m) in July.
French president Francois Hollande (pictured above right) said: “We need to define a new economy for the world. You can’t fight climate change without development.”
Switzerland and South Korea have pledged US$100 million each (£61 million).
Some experts even fear that a lack of support from richer nations will cause developing nations to withdraw from climate talks, undermining the negotiations.
The United Sstates is yet to pledge a donation and there was no suggestion from president Barack Obama at the UN summit that funds could be forthcoming.
Developed nations set a target in 2009 of channelling US$100 billion annually from 2020 to help poorer nations deal with climate change and the GCF is seen as crucial mechanism to bridge the funding gap.
The finance is also seen as crucial in encouraging developing nations to join an international U.N climate deal, due in late 2015 at the UNFCCC’s COP21 climate change conference in Paris.
Marlene Moses, of Nauru, chair of the Alliance of Small Island States, said: "Climate finance is not only crucial for unlocking a deal, it is an indispensable part of bringing emissions down and helping vulnerable communities adapt.”