By Sophie Yeo
Seven countries pledged a total of US$1.3 billion to the Green Climate Fund at the UN Climate Summit yesterday – a boost, but only a fraction of the start-up capital needed.
France made the biggest donation, pledging US$1 billion to the fund. Switzerland, Denmark and Norway also made pledges of $100m, $70m and $33m respectively. Luxembourg pledged $6.4m, with a further $5.5m from the Czech Republic.
The Green Climate Fund was set up under the UN in 2010 to channel the $100 million that rich countries have promised to provide to developing nations every year from 2020.
Countries have widely agreed that the fund needs $10-15 billion by December, when the next UN climate conference takes place in Lima, to be credible.
For more on this story, visit: Green Climate Fund receives $1.3 billion in new pledges | Responding to Climate Change.