Who will let down the Green Climate Fund?
2 December 2014
Australia, Austria, Belgium, Ireland, Iceland, Greece, Portugal and the European Union are the An-nex 2 Parties yet to make their pledges to the Green Climate Fund. ECO notes the same is true for Poland, Hungary and a few others. Five years ago, developed countries had not only promised to set up the fund but, also fill it. ECO, optimistic as ever, is convinced that all of them know rather well how much in these negotiations depends on the GCF getting off to a good start. They will not let us down.
ECO stands ready to welcome any further and ambitious pledges, so that at least the lower threshold of the unofficial US$10-15 billion target range can be crossed here in Lima. If this comes with an explicit understanding that the GCF will grow bigger over time, we have taken the first step. Parties could then focus on the second, third and fourth steps, including ministers agreeing to craft a 2020 roadmap that spells out how developed countries are going to fulfill their $100bn promise, and to anchor climate finance in the new agreement, with collective targets and individual commitments as part of wealthy countries’ fair share in the global effort.