On November 17th, the Green Climate Fund (GCF) launched its accreditation system for the entities that will act as intermediaries of resources from the Fund to projects and programs in developing countries.
The announcement came three days ahead of the GCF High-Level Pledging Conference in Berlin, Germany. The Pledging Conference aims at capitalizing money before the 20th UNFCCC Conference of the Parties to be held in Lima from December, 1st 2014. To accomplish its task the GCF meeting is open to all governments that want financially contribute to the Fund.
GCF will then channel collected resources through accredited implementing entities, both public and private. These entities are required to meet “robust fiduciary standards as well as environmental and social safeguards”, the GCF Press release specified. To access the money, recipient countries can act “directly (through subnational, national or regional entities) or through international institutions, including UN agencies, multilateral development banks and international financial institutions”. Countries interact with the Fund through their National Designated Authority (NDA) or focal points.
Héla Cheikhrouhou, Executive Director of the Fund, highlighted that “funding proposals are to be prepared as soon as possible, given that the Green Climate Fund will likely start to consider them by June 2015.”
In the meanwhile, some of the major governments already started to made pledges to the GCF. On the eve of the G‐20 Summit in Brisbane, Australia, the US President Barak Obama, announced a pledge amounting to US$ 3 billion. One day after, Japanese Prime Minister Shinzo Abe also promised to contribute to up to US$ 1.5 billion to the Fund. Among European countries, France and Germany have offered US$1billion each, Sweden committed to US$550 million while some days before the Dutch foreign trade and development Minister, along with the environment counterpart announced their country will invest €100 million in the GCF. Other countries, like UK and Canada are expected to make a contribution to the UN fund. On the contrary, Australian Prime Minister Tony Abbott defied global pressure to commit to the GCF arguing that his country is already spending $2.5 billion through domestic Direct Action Fund.
With this latest announcements, the Green Climate Fund’s early pledges come from about 15 nations, totaling about US$ 8 billion, including voluntary contributions from two developing countries.