It’s “back to the future” for the Green Climate Fund after its most recent board meeting in Bahrain. After the July disastrous meeting, this outcome sends a reassuring signal that the GCF can deliver on its core functions before COP 24.
COP 23 was one COP in two zones: The Bula zone was the site of the official negotiations - with little relevance to what happens in the real world. The Bonn zone hosted dozens of civil society kiosks and hundreds of events searching for real solutions.
The Green Climate Fund is important for implementing the Paris Agreement and for setting important standards for global climate finance. The financial viability of the fund, however, is by no means guaranteed.
These graphics highlight the ten most noteworthy insights from joint effort by the Heinrich Böll Stiftung North America and the Overseas Development Institute (ODI) over the past year from monitoring climate finance on Climate Funds Update (CFU).
The first ever pledging conference for the new Green Climate Fund will be held in Berlin, Germany on November 20th. Anything less than USD 10 billion in confirmed pledges could be seen as a sign that rich countries are not supportive of the Fund and spell trouble for the climate talks in Lima, Peru beginning in just two weeks. But at stakes is much more than just one big figure, according to Liane Schalatek.
This briefing, part of the HBF-Overseas Development Institute (ODI) briefing series Climate Finance Fundamentals, provides an up-to-date summary of the status of operationalization of the GCF after its last Board meeting in Barbados several weeks ago as contributor countries prepare to confirm significant resources for the new Fund at the first GCF Pledge Meeting in Berlin. By Liane Schalatek, HBF, and Smita Nakhooda, ODI.