Norway to increase support for Green Climate Fund
Dec 2, Oslo: Norwegian Prime Minister said increase climate finance for poor countries is essential in order to reach agreement in Paris and so that the new agreement can be implemented effectively.
In Norway’s opening address at the climate summit in Paris on Tuesday, Prime Minister Solberg announced plans for Norway to increase its contribution to the Green Climate Fund (GCF) significantly by 2020. If the Fund secures verified emission reductions from deforestation and forest degradation, Norway’s contribution may be doubled. Norway has already pledged NOK 1.6 billion (roughly USD 184 million) for the period 2015–18.
‘We are willing to scale up our support for the Green Climate Fund considerably. Norway is eager to see the first real results in the form of emission reductions in developing countries. We want the Fund to provide large-scale finance for innovative projects and programmes,’ Ms Solberg said.
‘The Green Climate Fund will also reduce developing countries’ vulnerability to climate change. Investments in adaptation to climate change are investments in development,’ said Foreign Minister Børge Brende.
The Fund, which is now operational, is the new channel for financing projects and programmes in developing countries under the Climate Change Convention. At its most recent meeting, the GCF Board approved USD 168 million (NOK 1.4 billion) in financing and investments for eight projects and programmes. The total financial framework for these projects and programmes is USD 624 million (NOK 5.3 billion).
The Oslo Times