BRUSSELS: As global climate negotiations continue in Lima, Peru, pledges to the Green Climate Fund have surpassed $10 billion. Yesterday both Belgium and Australia announced support for the fund, with the countries pledging €51.7 million (US$64.4 million) and $200 million respectively. The Fund is designed to contribute to global climate mitigation strategies by providing assistance to developing countries.
The Fund will promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change,” its manifesto reads.
The $10 billion threshold reached here at COP20 is a landmark achievement, said Hela Cheikhrouhou, executive director of the Fund. “I warmly welcome the new pledges from Belgium and Australia and congratulate them for their leadership,” she said, thanking them also for their active role on the Board of the Fund.70 developing countries have already designated local authorities to work in partnership with the Fund, with 77 of them having already requested support.The global solar industry could play a significant role in supplying projects supported under the Fund. Responding to the $10 billion pledge milestone, the European Photovoltaic Industry Association (EPIA) said that solar is a good fit to provide renewable energy solutions in the developing world.
