The Global Climate Change Initiative: The Green Climate Fund ... Part 1 of 2

The Global Climate Change Initiative: The Green Climate Fund

Part 1

By. E. Stanley Ukeni

The 2014 edition of the G-20 summit in Brisbane Australia ended spectacularly—with all of its pump and circumstance.  On its final day, as traditional, the Leaders of the G-20 Top Economies of the world lined up for a closing Press Conference. Why spectacularly...you may be wondering. Well, it’s because of a rather unexpected announcement by the United States and Japanese government’s to support the global climate change initiative with a significant financial support to the Green Climate Fund.

One of the takeaways, for Africa, from the annual meeting of the G-20 Heads of State is the remark by the US President on Climate Change funding. As part of his press conference briefing, US President Obama said, “The US$3 billion contribution to the Green Climate Fund that I announced yesterday will help developing nations deal with climate change, reduce their carbon pollution and invest in clean energy…”

This contribution by the United Stated of America, and the equally announced US$1.5 billion pledge to the Green Climate Fund by the Japanese Prime Minister Abe, is a very positive development for Africa, as the continent is projected by The World Bank to being one of the worst affected regions from Climate Change—with many of the African countries struggling with meager financial means to mitigate against the emerging threat it would pose to their economies and livelihoods of their citizens. The latest announcements by the United States and Japan are in addition to the US$2.3 billion pledge by eight countries when the Fund was initially established in 2010, during the United Nations Climate Change Conference in Cancun, Mexico.

The Green Climate Fund (GCF) is a fund established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC)—an international environmental treaty. It was established as a mechanism through which money can be effectively redistributed from the developed countries to the developing nations of the world, as a means of helping the developing countries to more efficiently reduce their vulnerability to the economic, social and biological effects of Climate Change. The Fund is also intended to be used to encourage practices that would curtail the emissions of greenhouse gases, and/or enhance the removal of the gases from the atmosphere. The GCF aims to achieve its objectives by supporting projects, programs, policies and other environmentally friendly initiatives in developing countries using thematic funding window. The GCF is headquartered in the new Songdo district of Incheon, South Korea.

The recent pledge by the United States and Japan means that GCF now has a total fund capitalization of US$7.5 billion so far from thirteen different donor nations. It is expected that some developed nations that has not already committed to funding the UN-backed GCF will do so at a two-day pledging session in Berlin this week. The Executive Director of GCF, Héla Cheikhrouhou, has hailed the recent pledges as “game changing”. She reiterated President Obama’s assertion that “no nation is immune, and every nation has a responsibility to do its part” to help alleviate to effects of climate change. 

By E. Stanley Ukeni, ©2015. All Rights Reserved.