Spanish pledge elevates climate fund close to $10 bn target

A Spanish pledge of 120 million euros ($150 million) fund, to back up poor nations to tackle global warming has increased the total amount to around $10 billion U.N. target.

Spain has announced this fund one week before the forthcoming U.N. meeting in Peru on climate deal.

Beginning on 1st Dec, 200 nations will meet in Lima, to work on a new deal to limit rising greenhouse gas emissions, which will be sanctioned at Paris summit next year.

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The pledges have now totaled $9.7 billion from 22 nations, almost hitting the U.N. goal, an amount demanded by developing nations for a first capitalization, stated Green Climate Fund authorities.

All countries who have not yet contributed were urged to join in by Hela Cheikhrouhou, executive director, GCF, Seoul.

Last week, Canada promised $260 million after a donors’ conference raised $9.3 billion in Berlin.

So far, the United States has been the biggest single donor, with $3 billion, followed by Japan with $1.5 billion.

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Recently, China, the United States and the European Union have done sufficient pledges to limit emissions, which have lifted up the deal prospects.

However, compared to the U.N. calls for deep cuts to limit heatwaves, droughts and rising seas, the funds pledged so far had been weak.

The rich nations now needed to do far more to keep a promise made in 2009 to raise financial flows, from both public and private sources, to $100 billion a year by 2020, noted, Jan Kowalzig of aid and development charity, Oxfam.

Sabeena Wahid
editor@greentechlead.com