UN climate fund has key meeting in South Africa
A key meeting on the future of the United Nations’ Green Climate Fund has taken place in South Africa this week
A key meeting on the future of the United Nations’ Green Climate Fund has taken place in South Africa this week after key donors expressed concern it lacks focus and direction.
The US, UK and Germany have contributed more than half of the GCF’s initial $10 billion capitalisation and raised concerns about the fund in December.
Officials from Australia, Switzerland, Sweden and Bank of America Merrill Lynch have also warned of limited investment guidelines and a lack of engagement with the private sector.
The GCF is designed to raise funds from developed nations to support climate change mitigation and adaptation projects in developing countries to improve their resiliency to the impacts of global warming.
The fund approved its first set of investments in November for eight projects totalling $168 million and the meeting in Cape Town is aimed at creating urgency and a plan to boost the fund .
The GCF was confirmed as the world’s leading climate fund at the COP21 Paris climate summit when 195 UN member states signed an historic international agreement to curb greenhouse gas emissions and limit dangerous global warming.
There are currently 29 projects in the fund’s ‘pipeline’ and only one of its accredited partners has the capacity to handle projects worth more than $250 million.