UN Green Climate Fund receives €750m record pledge from Germany
Germany pledges €750 million to the UN's GCF to assist developing nations address climate change, in a move that represents the first major commitment the fund has received
Germany has pledged €750 million (£590 million) to the United Nation’s Green Climate Fund (GCF) to assist developing nations address climate change, in a move that represents the first major commitment the fund has received.
The fund officially opened in South Korea in December last year and officials are aiming to raise US$100 billion (£58 billion) to assist developing nations in their efforts to develop low-carbon economies.
The GCF opened up for big donations in May after completing rules on how it will collect and distribute the money and Executive Director Hela Cheikhrouhou (pictured right) said in June that she’s seeking to raise US$15 billion before the end of the year.
German chancellor Angela Merkel announced the donation on Monday during the Petersberg Climate Dialogue in Berlin, where international ministers gathered to discuss climate measures.
Germany's contribution is seen as a massive boost for the fund which had already collected US$55 million.
Norway is set to reveal its “substantial contribution” at the next UN climate meeting in September in New York.
Officials and campaigners welcomed the donation which could act as an example for other developed nations to follow and kick start a wave of contributions.
In October last year, the fund launched three renewable energy pilot projects in developing countries to support their clean energy generation, while benefitting financially from it.
Merkel announced the donation at the Berlin meeting this week by saying: “I can speak for Germany that we take our responsibilities seriously,”
The fund was established in December 2011 by UN climate envoys from more than 190 nations and has taken over 3 years to become operational.
It aims to channel aid from industrialised countries into projects in developing nations that reduce greenhouse gas (GHG) emissions and promote climate change adaptation and mitigation.
The funding has been included in Germany’s federal budget for 2014 and can be paid out this year and next
