Green Climate Fund: GCF
July 26, 2021
- GCF is a fund for supporting reduction of greenhouse gases (mitigation) and addressing impacts of climate change (adaptation) in developing countries.
- Establishment of GCF was decided in the 16th meeting of parties to the United Nations Framework Convention on Climate Change (COP16) held in 2010.
- GCF raised USD 10.3 billion by 2014 for the period of 2015-2018 as Initial Resources Mobilization (IRM) and started funding projects in 2015.
- For the first replenishment (GCF-1) (2020-2023), 31 countries and 2 local government announced contributions to GCF so far and the total amount reaches USD 10 billion.
2 Funding of GCF
- Allocation of funds: Aiming for a balance between 50:50 mitigation and adaptation.
- Countries covered: Emphasis on countries vulnerable to the impact of climate change, such as Small Island Developing States (SIDS) and least developed countries (LDC). (It aims for a floor of 50% of the adaptation allocation for particularly vulnerable countries)
- 177 projects have been adopted by the Board so far. These include projects in island countries and projects related to disaster reduction that are being emphasized by Japan.
3 Amount Pledged by main donor countries
Total pledges of 20.3 billion for IRM and GCF-1 (as of March 2021)
4 Contribution by Japan to GCF
- Japan contributed USD 1.5 billion to the GCF in 2015-2018, followed by another commitment of up to USD 1.5 billion in 2020-2023 for the first replenishment of the GCF. In total, Japan is the second largest donor of the fund next to the UK, with total contributions of up to USD 3.0 billion.
- Japan actively contributes to the management of GCF in the Board, the decision-making body of GCF, where Japan has seats as Board Member and Alternate Board Member.