9 December 2014: Pledges from Australia and Belgium to the Green Climate Fund (GCF) have pushed GCF capitalization over the US$10 billion threshold. Australia committed AU$200 million while Belgium pledged €51.7 million.

Australia and Belgium announced their pledges during the High‐level Ministerial Session on Climate Finance held in Lima, Peru, during the UN Climate Change Conference. These pledges bring total contributions to the GCF to approximately US$10.14 billion equivalent. Twenty-four countries have made pledges since initial resource mobilization efforts began in July 2014.

A joint press release issued by Australian Prime Minister Tony Abbott and Minister for Foreign Affairs Julie Bishop states that “all countries should take practical and proportionate steps to take action on climate change while safeguarding economic growth.” The Australian pledge is expected to facilitate private sector led economic growth in the Indo-Pacific region with a focus on investment in infrastructure, energy, forestry and emission reduction programmes. [GCF Press Release] [Australia Press Release] [Belgium Press Release][IISD RS Coverage of the UN Climate Change Conference]