green-climate-fund-new20 November 2014: Representatives from 21 governments presented pledges at the Green Climate Fund (GCF) High-Level Pledging Conference amounting to US$9.3 billion. The GCF underlined that this is the highest sum ever raised within a five-month period for an international financing mechanism dedicated to combating climate change.

The Conference, held in Berlin, Germany, on 20 November 2014, yielded enough funding for the initial capitalization of the GCF. The so-called “Berlin Pledge,” which includes contributions from four developing countries, is also the largest mobilization of funds for adaptation finance for vulnerable countries.

The GCF plans to use government contributions to leverage investment from the private sector, using concessional public financing. Hailing the GCF capitalization as “one of the wisest investments of the 21st Century,” Christiana Figueres, Executive Secretary of the UNFCCC, called the Fund the “epicenter that determines the direction of both public and private investment over the next decades.”

The US$9.3 billion figure is not the final total, as governments that have not yet come forward with contributions will be encouraged to continue pledging. In addition, some of the pledges are dependent on conditions put forward by the donor government. The UK’s pledge, for instance, is a maximum of £720 million; the Government is committed to funding 12% of the GCF up to £720 million. [GCF Press Release] [UNFCCC Press Release] [UK Press Release][GCF website][Climate Change Policy & Practice coverage of Green Climate Fund]