9 September 2014: Representatives from over 20 governments met in Bonn, Germany, for the Green Climate Fund’s (GCF) second Initial Resource Mobilization (IRM) meeting. Attendees consulted informally on the Fund’s initial capitalization in advance of the first formal GCF Pledging Conference, which is scheduled to take place in November, during which contributors are expected to announce initial contributions to the Fund.

During the meeting, UNFCCC Executive Secretary Christiana Figueres stated that initial funding of US$10 billion would be a “good start and a good signal of intent” in the lead up to a new climate agreement in 2015.

The meeting focused on developing a policy framework, which will enable countries to contribute to the Fund, and potential contributors reviewed financial terms and policies for formal pledges. Hela Cheikhrouhou, Executive Director, GCF Secretariat, also held bilateral consultations with potential contributors. The GCF Board will review the meeting’s final recommendations at its next meeting in Bridgetown, Barbados, from 15-17 October 2014. Once the Fund is capitalized, developing countries will receive grants, loans or capital for projects and programmes that enable countries to implement sustainable development, while mitigating and adapting to climate change.

The GCF consultation was one of the final climate-related events before the 2014 Climate Summit convenes in New York, US, on 23 September. The first IRM meeting convened in Oslo, Norway, in June 2014. In 2010, governments committed to jointly mobilize US$100 billion per year by 2020 from a range of sources to address adaptation and mitigation in developing countries, leading to the establishment of the GCF. [GCF Press Release]