The first projects of the Green Climate Fund could be under way as early as November. But the adaptation fund has struggled to meet its capitalisation targets. EURACTIV France reports.
The Green Climate Fund (GFC) was founded to manage a significant portion of the $100 billion annual fund promised by rich countries to help the developing world adapt to climate change, but so far only has an annual budget of $700 million.
Launched in 2011, the GFC will take its first steps to fight climate change in developing countries in the next month.
“The GFC board will meet in November to discuss the first projects in the fight against climate change,” the fund’s executive director, Héla Cheikhrouhou, said at a meeting with François Hollande and Ségolène Royal in Paris.
“The projects could be implemented quite quickly after the board meeting,” she added. This could just give the Green Climate Fund time to become active ahead of the international climate conference in Paris (COP21), which starts on 30 November. It would also give a positive signal to developing countries, which are awaiting concrete progress on climate finance before committing to an agreement in Paris.
The Green Climate Fund was created four years ago during the COP in Durban (South Africa), with the aim of raising $100 billion per year from developed countries by 2020. But its uptake has been slow, and donations have not been forthcoming.
But the international fund is “in dire need of finances”, according to its president. “The Green Climate Fund has so far been promised around $10 billion,” but Héla Cheikhrouhou said she hoped the international community would step up its commitment to the organisation, and give it the funds it needs to fulfill its role.
Of the $10 billion promised in 2014, only $5.8 billion have been delivered.
“Today, the Green Climate Fund has a practical commitment capacity of $700 million,” the fund’s director said. She added that she is currently working to extract the rest of the promised funds from various donor countries.
35 countries, including France, have so far contributed to the Green Climate Fund. “And the requested projects (currently 37) are fairly balanced between climate adaptation and mitigation.”
>>INFOGRAPHIC: Green Climate Fund – where is the money?