Climate fund signs up first partners

March 27, 2015
The global fund created to spearhead climate change financing was born out of the UN summit in Copenhagen in 2009, when developed countries made a political commitment to mobilise $100 billion annually for developing countries by 2020

The global fund created to spearhead climate change financing has selected its first partners to channel funds to developing countries, but says it needs donor nations to move fast in transforming cash pledges into commitments.

At a three-day meeting that ended late Thursday, the board of the South Korea-based Green Climate Fund (GCF) approved seven intermediaries to funnel cash to projects in poor .

"The is a very important milestone for the fund, and opens the door to what will eventually be a comprehensive network of institutions around the globe," GCF executive director Hela Cheikhrouhou told AFP on Friday.

The seven entities approved this week ranged from national conservation groups based in Senegal and Peru, as well as multilateral agencies like the Asian Development Bank.

A further 36 potential partners are awaiting approval to access the resources of the GCF which expects to make its first funding decision by October.

The fund was born out of the UN in Copenhagen in 2009, when developed countries made a political commitment to mobilise $100 billion annually for developing countries by 2020.

So far 27 countries have pledged close to $10.2 billion to the fund, of which $149 million has been converted from pledge to signed commitment. Of that only $88 million has been recieved by the fund in cash.

Cheikhrouhou told AFP it was crucial that an April 30 deadline for transforming around half the pledged amounts into binding commitments be met on schedule.

Confidence in the GCF is seen as critical for the success of the effort to reach a global pact on climate change at the Paris climate conference in December in Paris.

"Financing is a key part of the global agreement, which requires trust-building and faith that promised funding will materialise," Cheikhrouhou said.

"So we must continue to demonstrate that the fund will be there to support the efforts of ," she said, adding that the next four weeks would be "very, very important."

If the deadline passes without the signed commitments being made, the GCF would consider action to up the pressure on those countries that pledged significant contributions.

What does come into the fund will be disbursed equally between projects aimed at mitigating climate change by reducing emissions and those aimed at adapting to the actual impact of .

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9 comments

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Science Officer
3 / 5 (4) Mar 27, 2015
The United Nations has obviously learned the importance of properly controlling the flow of kickbacks and extortion fees.
gkam
2.3 / 5 (3) Mar 27, 2015
Once again, those with little real science background assume we all have their pathetic conservative ethics.
gkam
2 / 5 (4) Mar 27, 2015
Let's tax the life out of petroleum, and we can use the money to build a system of clean power.
antigoracle
3.7 / 5 (3) Mar 27, 2015
Let's tax the life out of petroleum, and we can use the money to build a system of clean power.


Yep. You think that would stop your False "Profit" Al, from leaving his fleet of SUVs running while he collects millions preaching to morons like you.
Water_Prophet
1 / 5 (2) Mar 27, 2015
I think I could fix it with $10B.
antigoracle
3 / 5 (2) Mar 27, 2015
The United Nations has obviously learned the importance of properly controlling the flow of kickbacks and extortion fees.

The UN, our newest Cosa Nostra.
Mike_Massen
1 / 5 (2) Mar 28, 2015
Water_Prophet claimed
I think I could fix it with $10B.
Not necessary.

With your claimed "4 technical degrees" you should be able to craft a project to ameliorate AGW to a fair degree, especially if you were genuine in your claims re CO2 etc

Y are your blurts NOT commensurate with those claiming "4 technical degrees" as u do ?
Which institute & what years started please ?

Y aren't your uni degrees including claim of "Physical Chemistry" on your facebook page ?
https://www.faceb...er/about

Y is your CO2's effect claim of 0.00009W/m^2 some 16,666x Lower than wiki's 1.5W/m^2 ?
https://en.wikipe...ings.svg

Y can't U prove your claim "business uses your results" ?

Y can't U qualify or prove ANY of your claims ?

Y don't U seem to have any integrity Water_Prophet ?
Bill589
5 / 5 (1) Mar 28, 2015
Quick! Give the government more money and power to save us from the imminent ice-age!!!

Oops. That was a couple of decades ago. Now it's:

Quick! Give the government more money and power to save us from global warming!!!

Different lie. Same liars.
Bill589
not rated yet Mar 28, 2015
"U.N. Official Reveals Real Reason Behind Warming Scare"
news.investors.com/ibd-editorials/021015-738779-climate-change-scare-tool-to-destroy-capitalism.htm

"Destroying capitalism" means transferring more power from the individual to Big Government. Historically, this happens to be the typical "Fundamental Transformation of a country."

And I believe this regarding our government:
"The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never to be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention.
It comes from an order of men, whose interest is never exactly the same with that of the public, who have generally an interest to deceive and even oppress the public, and who accordingly have, upon many occasions, both deceived and oppressed it." - Adam Smith

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