Oslo meeting marks start of effort to raise $15 billion for mitigation and adaptation efforts by end of 2014
By Ed King
Officials from the US, EU, Japan and Switzerland are attending a Green Climate Fund meeting in the Norwegian capital, aimed at raising low carbon investment levels.
The fund’s Executive Director Hela Cheikhrouhou wants as much as $15 billion by the end of the year so she can start projects in developing countries.
The UN’s climate chief Christiana Figueres says she will be disappointed if $10 billion is not raised by the end of 2014, as the world works towards a global emissions reduction treaty next year.
“The meeting will focus on modalities, including the policies for contributions through which support can be mobilized. There is already broad participation and strong engagement with the Fund,” the GCF said in a statement.
“Once capitalized, grants and concessional loans will be provided for mitigation and adaptation projects and programmes in developing countries. This process is expected to begin in early 2015.”
The fund’s current lack of financial support is a major concern for the UN, which urgently needs developed countries to provide backing for the GCF to remain credible.
According to the International Renewable Energy Agency (IRENA), over $550 billion a year is needed to accelerate the deployment of clean energy systems.
German and UK diplomats say their countries are ready to deliver funds, although specific figures remain unclear.
Some world leaders are expected to make financial pledges at UN Secretary General ban Ki-moon’s climate leader’s summit in New York on September 23.