Finland aims to support the Green Climate Fund (GCF) by EUR 100 million in 2020–2023. The pledge was announced in connection with the first official Pledging Conference on 25 October in Paris.
The GCF, established under the Paris Agreement, supports low-emission and climate-resilient development in developing countries.
Finland’s pledge corresponds to an increase of 25% on the EUR 80 million in the so-called Initial Resource Mobilization (IRM) period from 2015 to 2019. The pledge is in line with the entry in the Government Programme according to which Finland will scale up climate finance as a part of its development finance, taking due account of its contribution based on the Paris Agreement.
In the replenishment consultation meetings, Finland has supported, among other things, strengthening of gender considerations and performance-based management, as well as the private sector’s mobilisation for climate work. Through the GCF, it is possible to support more ambitious solutions for climate change mitigation and adaptation in developing countries and, at the same time, advance new approaches. A total of 27 countries pledged USD 9,8 billion in all to support the GCF in the next four-year period.
“Finland shoulders its global responsibility in the fight against climate change and, in particular, wants to support the most vulnerable and least developed countries in their climate action,” says Minister for Development Cooperation and Foreign Trade Ville Skinnari.
“The Green Climate Fund has an important role under the Paris Agreement. We can continue to mitigate climate change, but there is no time to waste.”