UN climate fund still far short of goal

24th September 2014, Comments 0 comments

A new climate fund has received pledges of $2.3 billion, including a billion each from Germany and France, UN chief Ban Ki-moon said Tuesday, but the figure remained far below the goal.

The Green Climate Fund, which aims to help poor nations worst hit by rising temperatures and disasters, aims to raise $10 billion by the end of the year to start operations, with the total rising to $100 billion annually by 2020.

Ban, who spoke at a closing session of the summit he called to build momentum for a global climate deal next year, said other countries had promised add their contributions by November.

"Let us look back on today as the day we decided -- as a human family -- to put our house in order to make it liveable for future generations," he said.

Tim Gore, head of climate policy for aid group Oxfam, said that the UN summit had offered "only a partial and piecemeal response."

"After four long years, the cash is starting to land in the Green Climate Fund, albeit at little more than a trickle," he said.

French President Francois Hollande pledged $1 billion at the summit Tuesday, matching an earlier pledge of the same amount by Germany.

Other contributions, as compiled by Oxfam, included $100 million each from Switzerland and South Korea -- which is the host nation of the Green Climate Fund -- as well as $70 million from Denmark, $33 million from Norway and $10 million from Mexico.

Ban also highlighted commitments from the private sector. He said that by next year, private banks would double the market for green bonds to $50 billion and the insurance industry would double green investments to $82 billion.


© 2014 AFP

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