The Green Climate Fund is running out of funds. At the rate the Board has been approving projects in recent meetings, they will have allocated all of its remaining money sometime next year. Recent governance snafus notwithstanding, the GCF has come a long way on the path to fulfilling the high expectations placed on it as the centerpiece of the financial mechanism of the UNFCCC and the Paris Agreement. The pipeline of projects is expanding and quality is improving overall. More importantly, the world and vulnerable people are depending on the GCF to channel funds to meet urgent needs and achieve the transformation required to achieve low carbon development and help people deal with the growing consequences of climate change.
With climate impacts being felt throughout the world, and becoming more dire by the day, the fund cannot be allowed to run dry. On the contrary, meeting current needs, as well as funding scaled-up actions and more ambitious NDCs require confidence that financial support, too, will rapidly increase. ECO expects the October GCF Board meeting to kick off the formal replenishment process. This makes parties” homework clear €“ prepare for a replenishment process that results in at least an overall doubling of contributions to the GCF for the next period. This means around $15- 20 billion at a minimum for the next phase, which would be in line with a modest increase in the rate of project approvals. Developed countries must provide a signal before COP24 that they are aiming for an ambitious replenishment. This will build trust, provide a basis for scaled-up actions and ambition, and send a sign to vulnerable countries and people that someone has their backs in the fight against climate disruption.