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Sunday, May 19, 2024

Climate change: Canada to support GCF-2 with CAD 450m

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In line with its commitment to the fight against climate change, Canada has made a pledge of CAD 450 million to support Green Climate Fund second replenishment (GCF-2). Canada’s latest pledge represents a 50% increase from its pledge for GCF’s first replenishment.

GCF makes climate finance work for developing countries – empowering climate action for people on the frontlines of the climate crisis. Since its first replenishment, GCF has been supporting countries to take critical actions to tackle the climate crisis and help address other global challenges.

Canada is the fifth contributor to announce a pledge for GCF-2, following the likes of Czechia, Austria, Monaco and Germany.

Reacting to Canada’s pledge, the interim Executive Director of GCF, Henry Gonzalez said the country’s pledge builds on the growing momentum for GCF’s second replenishment in the lead up to the Fund’s pledging conference in October.

He said “The significant increase in Canada’s contribution is warmly welcomed by GCF as it sends a strong signal of Canada’s commitment to global climate action and its confidence in GCF to drive urgently needed climate progress.

“This pledge from Canada is great news for GCF, and great news for climate action. Canada is increasing its financial support to GCF by 50 per cent – a big increase at a time when climate finance is most needed.

“Global solidarity and collective action are needed more than ever to respond to the escalating climate crisis.  I hope other contributors will be inspired by Canada’s ambition and increase their support for GCF to allow us to continue our work of helping the most vulnerable countries.”

The second GCF replenishment was launched during the 33rd meeting of the GCF Board in July 2022. The process includes consultation meetings with potential contributors, Board members, and observers, and will culminate in a high-level pledging conference on October 5, 2023, in Bonn, Germany.

 

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