750 million Euros ($1 billion) is the very first major pledge by Germany to the United Nations Green Climate Fund (GCF) after the UN called for big donations in May this year. It really is a wonderful start that was announced last week at the Petersberg Climate Dialogue which Germany hosts yearly.
The conference this year took place from 14 to 15 July in Berlin, during which on Monday, German chancellor Angela Merkel promised the above-mentioned amount. The funds will be distributed over a stretch of nine years and will ultimately facilitate the GCF’s goal of channelling financial support from developed nations to developing countries to help the latter deal with the effects of climate change.
The one billion dollar pledge is a huge addition to the GCF which was previously dependent on seed capital and had, prior to this, raised $55 million in financial backing. The GCF looks to raise 15 billion USD by the end of the year through support from rich countries such as the US, France, UK and Japan to be able to achieve the set target by the upcoming UN climate negotiations in Lima, Peru which are due at the end of the year.
The pledge is in addition to the 1.8 billion Euros being spent by Germany on international climate programs. The recent World Cup champions are playing their part in supporting poorer countries in the battle against climate change. Other nations need to do the same and chip in the appropriate amount to ensure significant contributions are made and the GCF hits its target.
Germany has set the donations benchmark. Will other countries follow suit?
