"Japan Signature Activates World’s Green Climate Fund"

"On Friday, climate change efforts across the world reached a very important milestone: the release of $5 billion to begin the work of the Green Climate Fund, which will become the main financial operator of the UN Framework Convention on Climate Change. Initial climate financing disproportionately favored middle-income developed countries and mitigation over adaptation. Established in 2010, the Green Climate Fund is charged with distributing money equitably from the developed to the developing world in order to reduce overall emissions (50%) and adapt to climate change (50%).

Presently, 33 governments, including 8 developing countries, have pledged over $10.1 billion to the GCF. Agreements are already affirmed in whole or in part by 21 of these nations. The objective is for each pledge to be converted into a binding contribution agreement within one year from the time at which it was made. The board meets again before the Paris talks.

The Government of Japan just signed a contribution agreement on its pledge of $1.5 billion to the fund, bringing the total confirmed agreements since the GCF’s November 2014 Berlin meeting up to 58.5% of amounts pledged, and well over the 50% threshold required by the Fund’s governing board of 12 developed and 12 developing country representatives. The GCF’s progress is now a week ahead of the time scheduled last winter. So far, Japan’s is the largest signed agreement, although the pledge by the US is twice its size; Germany has second place."

Sandy Dechert reports for CleanTechnica May 25, 2015.

Source: CleanTechnica, 05/26/2015