The UN’s flagship global climate fund looks likely to have to rein in its ambition, after France announced just a 4% boost in its contribution.
The UN’s flagship global climate fund looks likely to have to rein in its ambition, after France announced just a 4% boost in its contribution.
Yesterday, French finance minister Bruno Le Maire announced his nation would give €1.61 billion ($1.75bn) to the organisation’s four-yearly fundraising round.
While that’s slightly more in euros than France gave last time in 2019, the changing exchange rate means it is less in US dollar terms.
With the UK also offering only a slight boost to its funding, pledges so far total 15% more than in 2019. If other contributors match that trend, the GCF will raise $11.5 billion this round, short of the $12.5 billion in its middle ambition scenario.
Big potential donors Japan, Sweden and Norway are yet to pledge. A commitment from the US, which did not give any money in 2019 and only delivered two-thirds of its 2014 pledge, could be game-changing.
Constraining ambition
An internal GCF strategy document seen by Climate Home News lays out what that money means on the ground.
While a middle level of funding could help 30 million smallholder farmers adopt low-emission and climate-resilient practices, a "low" or "status quo" scenario of $10 billion can only help 25 million.
A middle scenario could conserve 30 million hectares while a low one would protect just 26 million. The difference is an area the size of Switzerland.
With "high" funding of $15bn, the figures are 32 million farmers and 32 hectares respectively.
So far, Germany is the only major donor to increase its pledge in line with a "mid" scenario, although not with a "high" level of ambition.
Several nations like Spain chose to announce their GCF pledges at the United Nations General climate ambition summit in New York yesterday.
Barbados's prime minister Mia Mottley told this gathering that the GCF fundraising round was "critical" as "it has still work to bridge the gap in a significant way for many countries".
Simpler and bigger
The summit was also where the GCF's new head Mafalda Duarte unveiled her planned institutional reforms after taking over from unpopular previous leadership.
She said that when the fund was set up in 2010, governments wanted it to provide "simplified access tailored to country needs".
But, she said that it had become "one-size fits all" and "more comple
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