Governments pledge USD 9.3 billion for climate action in developing countries

Twenty-five countries including Germany, France and Japan have pledged a total of 9.3 billion U.S. dollars to support climate action in developing countries from 2024 to 2027 through the so-called Green Climate Fund. Government representatives from about 40 countries took part in the conference in the western-German city of Bonn aimed at replenishing the global fund. “The conference in Bonn sends a signal of solidarity: the world is standing together in the fight against climate change,” said German development minister Svenja Schulze. “At this conference, Germany made it clear that we stand by our responsibility and will do our fair share,” she added. Germany said it would contribute 2.16 billion U.S. dollars, making it the biggest donor in this round so far. During the last round of funding pledges, countries in 2019 had promised 10 billion dollars – slightly more than this time around. However, several countries now said they would contribute to the replenishment of the fund in the near future, so that the final sum should end up being “significantly higher”, said the German government.

Jan Kowalzig, senior policy advisor on climate change at NGO Oxfam, said the result of the conference was disappointing, as it fell short of the last round. “Against the backdrop of the worsening climate crisis, an appropriate increase in the fund should have achieved at least double the amount reached today,” he said. Kowalzig criticised that countries like France and Norway pledged less than they did for the last round, and other countries have not pledged at all, including Australia, Italy and the United States. He called on these countries to prepare pledges for the upcoming UN climate change conference COP28 in Dubai in December.

At the Petersberg Climate Dialogue in May, chancellor Olaf Scholz had already pledged the two billion euros to the fund from Germany. The Green Climate Fund was set up by countries party to the UN Framework Convention on Climate Change (UNFCCC) in 2010 as an operating entity to mobilise funds for climate action in developing countries. It is the world’s largest, dedicated multilateral climate fund, with a 12.7 billion U.S. dollar portfolio for 228 projects across more than 120 countries, according to the fund’s website. The fund is mandated to invest half of its resources in mitigation efforts and the other half in adaptation.