21 EU countries pledge $9.3 billion to combat global warming in poorer nations

Over 30 countries attended a meeting in Berlin to discuss global warming and how to help out poor countries at reducing greenhouse gas emissions, and 21 out of the countries pledged to give a total of $9.3 billion to help poor island nations and impoverished African nations deal with issues of global warming.

The Green Climate Fund (GCF) is domiciled in South Korea and is a EU climatic and ecological fund put up to assist developing countries invest in clean energy and green technology. To this end, the fund will also be used to build defenses against rising seas, worsening storms, natural floods, and harsh droughts. And it will also be used to fund solar and wind farm projects in growing countries, as well as plant trees and deal with disaster-proofing infrastructure.

Analysts have stated that this pledged donation is “the largest amount the international community has ever mobilised for a dedicated climate finance mechanism,” although a few divergent views still remain that the raised amount is still low. For instance, Oxfam, an aid agency says the pledged amount is a bare minimum in comparison to the expected $10-$15, while Alison Woodhead, the agency’s executive says “financial support from developed countries should be a building block for a global climate agreement, not a stumbling block.  Many developed countries have stepped up to give the Green Climate Fund a chance to get on its feet, but more is needed for it to succeed.”

United Nations Secretary General Ban Ki-moon said the pledges “demonstrate that governments increasingly understand both the benefits derived from climate action and the growing risks of delay. It also provides much needed public finance which is key to unlocking investments at a much larger scale from private sources.”

The United States pledged $3 billion; Japan $1.5 billion; Germany $1 billion; France $1 billion; Britain over $1.1 billion; Sweden $500 million; Canada $265 million; and Czech Republic, Denmark, Finland, Italy, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, South Korea, and Switzerland made respective pledges to the Green Climate Fund.

Leave a Reply

Your email address will not be published. Required fields are marked *