{"id":48472,"date":"2023-05-03T15:56:57","date_gmt":"2023-05-03T14:56:57","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=48472"},"modified":"2023-05-03T17:06:11","modified_gmt":"2023-05-03T16:06:11","slug":"germany-promises-e2bn-to-global-green-climate-fund","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2023\/05\/03\/germany-promises-e2bn-to-global-green-climate-fund\/","title":{"rendered":"Germany promises \u20ac2bn to global Green Climate Fund"},"content":{"rendered":"<p><strong>Germany&#8217;s leader Olaf Scholz has promised to give \u20ac2 billion ($2.2 billion) to the United Nations&#8217; flagship climate fund for projects cutting emissions and adapting to climate change around the world.<\/strong><\/p>\n<p><span data-contrast=\"none\">The Green Climate Fund was set up in 2010 to distribute money from wealthy countries to climate projects in low and middle-income countries. <\/span>It has spent around $12bn so far funding climate projects but has recently <a href=\"https:\/\/climatechangenews.com\/2022\/03\/29\/after-us-fails-to-pay-its-debt-uns-flagship-climate-fund-warns-of-austerity\/\" target=\"_blank\" rel=\"noopener\">warned of<\/a> cutbacks because of a lack of resources.<\/p>\n<p>The pledge is a third more than Germany&#8217;s previous contribution to the fund. Once confirmed, the money will support climate investment during the 2024-2027 period.<\/p>\n<p>Scholz&#8217;s pledge at the Petersberg Climate Dialogue in Berlin today sets the bar for other wealthy nations ahead of the fund&#8217;s regular pledging conference in the German city of Bonn in October.<\/p>\n<p>&#8220;I appeal to the many traditional and possible new donors &#8211; let us continue this success story it is more important than ever before\u201d, Scholz said.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/info?src=hash&amp;ref_src=twsrc%5Etfw\">#info<\/a>: starting at +\/- 14.30 pm CEST you can watch the speech by the Federal Chancellor of Germany Olaf Scholz at the 14th <a href=\"https:\/\/twitter.com\/hashtag\/Petersberg?src=hash&amp;ref_src=twsrc%5Etfw\">#Petersberg<\/a> Climate Dialogue here live. <a href=\"https:\/\/t.co\/QqyFgwtyU7\">https:\/\/t.co\/QqyFgwtyU7<\/a><\/p>\n<p>\u2014 GermanForeignOffice (@GermanyDiplo) <a href=\"https:\/\/twitter.com\/GermanyDiplo\/status\/1653734902162964484?ref_src=twsrc%5Etfw\">May 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nAustria, the only other major nation to make a pledge so far, upped their contribution by just under a quarter to \u20ac0.16 billion ($0.18 billion).<\/p>\n<p>Liane Schalatek, who monitors the GCF as a representative of civil society, told Climate Home it was &#8220;great that there is an upward trajectory, we would have hoped for a bit more than the [one-third] increase, given the needs and the accelerated phase needed in taking climate action, as well as the importance of the GCF&#8221;.<\/p>\n<p>Joe Thwaites, a climate finance campaigner at the National Resources Defense Council, said it was a &#8220;critical signal of support to developing countries&#8221; and &#8220;sets a benchmark for other countries who also need to step up with increased contributions&#8221;.<\/p>\n<h3>&#8220;Mid&#8221; ambition<\/h3>\n<p>If all governments increase their contributions by a third, and there are no new contributors like the USA and Australia, the fund will have around $13 billion to spend between 2024 and 2027.<\/p>\n<p>An internal strategy document prepared for the GCF board, and seen by Climate Home, labels $12.5 billion as a middling level of money compared with a &#8220;status quo&#8221; scenario of $10 billion and a &#8220;high&#8221; scenario of $15 billion.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Proud to hear <a href=\"https:\/\/twitter.com\/Bundeskanzler?ref_src=twsrc%5Etfw\">@Bundeskanzler<\/a> announce that&#x1f1e9;&#x1f1ea; will be increasing our contribution to the next replenishment round of <a href=\"https:\/\/twitter.com\/theGCF?ref_src=twsrc%5Etfw\">@theGCF<\/a> to 2Bn (1.5 Bn last round &#8211; a 33% increase). We look to all other wealthy nations to join us in similarly ambitious replenishments<a href=\"https:\/\/twitter.com\/hashtag\/climatefinance?src=hash&amp;ref_src=twsrc%5Etfw\">#climatefinance<\/a> <a href=\"https:\/\/t.co\/cK0M46kEpq\">pic.twitter.com\/cK0M46kEpq<\/a><\/p>\n<p>\u2014 Jennifer Morgan (@climatemorgan) <a href=\"https:\/\/twitter.com\/climatemorgan\/status\/1653748058524471299?ref_src=twsrc%5Etfw\">May 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Reaching a &#8220;mid&#8221; scenario instead of the &#8220;status quo&#8221; means the fund can do more to ensure that everyone on earth is <a href=\"https:\/\/climatechangenews.com\/2022\/03\/23\/un-targets-early-warning-systems-for-all-in-five-years\/\" target=\"_blank\" rel=\"noopener\">protected by early warning systems<\/a> and do more to help food systems and ecosystems green transition.<\/p>\n<p>But only in the &#8220;high&#8221; scenario, the fund would have enough resources to do more to help developing countries&#8217; financial systems work towards a green transition or to promote clean technology innovation, the document says.<\/p>\n<h3>First big spender<\/h3>\n<p>Germany is historically one of the <a href=\"https:\/\/www.greenclimate.fund\/sites\/default\/files\/document\/status-pledges-irm_1.pdf\" target=\"_blank\" rel=\"noopener\">fund&#8217;s biggest donors<\/a> alongside the UK, France and Japan, who have yet to make their latest pledges.<\/p>\n<p>The USA may make a pledge but it will need the approval of Congress, which is partly controlled by the opposition Republican Party, approval to fulfill its pledge.<\/p>\n<p>President Biden <a href=\"https:\/\/climatechangenews.com\/2023\/04\/20\/us-pledges-1billion-to-green-climate-fund-amid-call-to-keep-1-5c-in-reach\/\" target=\"_blank\" rel=\"noopener\">recently promised<\/a> $1 billion to the fund. But this is only a partial fulfillment of the outstanding $2 billion which President Barack Obama promised before Donald Trump later reneged on.<\/p>\n<p><em>This article was edited to clarify that Obama pledged $3 billion but, as he delivered $1 billion, the outstanding amount is $2 billion and to say that Congressional approval is required for delivering funds to the GCF but not for promising funds.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"The pledge sets the bar for other wealthy countries and puts the fund on track for what it calls a &#8220;mid&#8221; level of ambition","protected":false},"author":56,"featured_media":40640,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[90],"tags":[],"coauthors":[4545],"class_list":["post-48472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-climate-fund","type-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Germany promises \u20ac2bn to global Green Climate Fund<\/title>\n<meta name=\"description\" content=\"German Chancellor Olaf Scholz has promised to give \u20ac2 billion to the Green Climate Fund to spend between 2024 and 2027\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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