On May 21 earlier this year, the Japanese government and the Green Climate Fund (GCF) signed a contribution arrangement that confirmed the conversion of Japan's pledge equivalent to $1.5 billion.
The fund was set up in response to climate change issues where it is aimed at making important contributions to global efforts to combat climate change, such as by providing developing countries with the support they need so they can limit or reduce their greenhouse gas emission and adapt to the effects of the changing climate.
Japan's announcement brought the fund to over the 50 percent required threshold that would allow it to allocate resources for programs and projects ahead of the Paris Climate Conference, which will be held in Le Bourget, Paris from Nov. 30 to Dec. 11 later this year.
Japan's contribution brings the total signed contribution agreement to the equivalent of $5.47 billion or 58.5 percent of the amount committed by countries at the High‐level Pledging Conference of the GCF in Germany in November last year. The 50 percent threshold now allows the Fund's governing Board to declare the effectiveness of the fund.
"The Green Climate Fund commends the Government of Japan for the timely conversion of its pledge to a contribution arrangement with the Fund at such a crucial point in the negotiations ahead of COP 21," said GCF Executive Director Héla Cheikhrouhou adding that the achievement means that the Fund has already reached a crucial milestone and that it can now begin making financial commitments to developing countries.
The Fund intends to finalize its first batch of projects subject to the approval of the GCF board, which is set to take place at the eleventh meeting in November. GCF has so far reviewed 120 requests for money totaling $6 billion for helping poor countries deal with climate change.
Cheikhrouhou said that $500 million worth of these projects look promising and that the Body aims to get the first set of projects cleared before the December climate summit.
Thirty-three countries including eight developing countries made a pledge close to an equivalent of $10.2 billion to the Fund. Twenty one of these have signed their contribution agreement since the Pledging Conference.
Cheikhrouhou encouraged governments that have not yet pledged to step forward. Governments that have not signed their agreement with the fund were also asked to do so as urgently.
Photo: U.S. Geological Survey | Flickr
