AILAC calls for a substantial initial capitalization of GCF

AILAC calls for a substantial initial capitalization of GCF

The six member countries of the Independent Alliance of Latin America and the Caribbean (AILAC) called for a very substantial initial capitalization of the Green Climate Fund (GCF), in line with the call by UNFCCC Executive Secretary Christiana Figueres for at least US$10 billion.

This is critically important in light of the need to significantly scale up the delivery of climate finance after the end of the “fast start finance” period in 2012, and for the success of the climate change negotiations process, including the UNFCCC Conference of the Parties (CoP 20) to meet in Lima, Peru, in December 2014. AILAC called for the contributing countries, which are to meet on November 19-20 in Berlin, Germany for a “High Level Pledging Conference”, to provide sufficient resources to enable the GCF to start its operations in 2015.  AILAC congratulated those countries that have already announced contributions:  France, Germany, Sweden, South Korea, Switzerland, Denmark, Norway, Mexico, Luxembourg and the Czech Republic.

The GCF Board at its 7th and 8th meetings approved all the required procedures to enable the Fund to start to receive contributions and begin operations.  At its 8th meeting, Hendrik Harboe (Norway) and Gabriel Quijandría (Peru) were elected new Co-Chairs of the Board.