The newly established Green Climate Fund (GCF) has decided to help developing countries slow down climate change by promoting innovative green technologies.
The head of the fund, Hela Cheikhrouhou, told Reuters that donor nations have pledged only a fraction of the sum needed to curb greenhouse gas emissions and adapt to global warming. Calling the USD 10.2 billion pledged so far “a good start”, the GCF has decided to take risks to foster new technologies in developing and emerging nations.
“A project with high risk doesn’t mean that it is a bad project”, said Cheikhrouhou, explaining that GCF’s investments would be the “first of its kind … setting a trend.”
The GCF is intended to redistribute money from the developed to the developing world to assist them in developing adaption and mitigation practices to cope with climate change. This includes for instance supporting new solar or wind power projects or developing cleaner technologies to curb greenhouse gas emissions in developing or emerging countries.
According to Reuters, the GCF needs around USD 450 billion a year from 2020. USD 350 billion will go to curb greenhouse gas emissions and USD 100 billion to adapt to changes to the climate such as heat waves or unusually heavy rainfall.
Photo credit: UN Photo/Eskinder Debebe