- There is an urgent need to scale up climate finance to at least $100B in public finance to support mitigation efforts and meet urgent adaptation needs. Given that the GCF will play a key role in channeling this climate support, substantial contributions to the GCF will be essential to build momentum towards an ambitious deal in Paris.
- Towards this end, developed countries must pledge at least $15 billion in grants before COP 20 as an initial resource mobilization, to be paid into the Fund over a maximum of 3 years. Other countries and institutions in a position to do so should also pledge, but their contributions should be additional to the $15 billion goal.
- Developed countries should also, at the Lima COP, commit to continuously scale up annual contributions to the GCF. This scale up should reach $30-50 billion a year by 2020.
- Contributions from developed countries should be additional to existing climate and development financing, and not be shifted from other development and environmental purposes.
- The GCF should establish a regular, formal replenishment process after the initial resource mobilization phase in order to enhance predictability of contributions. In addition, it should be prepared to receive funds from innovative new sources of public finance.
- The GCFs formal replenishment process should include effort-sharing arrangements in line with the outcome of broader UNFCCC negotiations on equity and CBDR-RC and may include a broader pool of contributors based on their respective responsibility and capacity. Countries should commit to operationalizing the GCF as soon as possible, by establishing an expeditious accreditation process and immediately launching at-scale readiness support.