Europe wants to replenish UN Green Climate Fund

(EurActiv, 14 Jun 2019) EU member states want to replenish a UN fund aimed at supporting developing nations cut carbon emissions and adapt to climate change, according to draft conclusions from next week’s EU summit. EURACTIV Germany reports.

The climate crisis will be high on the agenda when EU heads of state and government meet in Brussels at the end of next week.

A draft summit statement, seen by EURACTIV, says EU leaders “support the fair transition to a climate-neutral EU,” adding that the bloc’s long-term strategy for climate change will be published “in early 2020”.

But they don’t want to stop there. EU member states also “remain committed to scaling up the mobilisation of international climate finance” in order to support climate protection at the global level.

Specifically, the draft calls for “a timely, well-managed and successful replenishment process for the Green Climate Fund,” which supports green projects in developing countries.

The Seoul-based fund is an instrument of the United Nations Framework Convention on Climate Change (UNFCC). Financed by industrialised countries, it is intended to help developing nations cut carbon emissions and adapt to climate change.

Over the past four years, the GCF has distributed some $5 billion to approximately 100 projects in the form of debt, equity, grants and guarantees.

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EurActiv, 14 Jun 2019: Europe wants to replenish UN Green Climate Fund