UN special report on 1.5C shows urgency of climate finance

Sponsored content: The Green Climate Fund gathers developing country governments to explore finance needs for urgent climate action

(Photo: Commons)


The Green Climate Fund (GCF) is working with developing countries to drive urgent action in response to the latest IPCC report on the science of climate change.

Thelma Krug, IPCC Vice-Chair, warned of the dangers of a warmer world while outlining the findings of the 1.5C report to an audience of developing country ministers and governmental representatives convened by GCF.

Speaking as the IPCC report was launched in Incheon, Krug stated: “We are already seeing the consequences of warming of 1C through more extreme weather, rising sea levels and many other changes. The reports shows us that every extra bit of extra warming matters.”

“It is within the realms of possibility to limit warming to 1.5C but to do so would require unprecedented changes in the way we live, work and travel,” she added. “The decisions we take today will be critical for a safe and sustainable world tomorrow.”

Responding to the latest scientific assessment of the IPCC, Jerry Velasquez, director of GCF’s division of mitigation and adaptation said the report is a “reality check” on the need for ambitious action.

“The IPCC report shows that greater urgency and ambition is needed, and GCF stands ready to work with developing countries to deliver climate finance to where it is most needed.”

“Developing countries are well aware of the impact of climate change,” he said. “It is hitting them hardest, and fastest – whether through rising sea levels threatening Pacific islands or increased droughts impacting on sub-Saharan Africa.”

To date, GCF has committed $3.5 billion to a portfolio of 73 projects to support low-emission and climate-resilient development. GCF is already implementing 34 of those projects, worth $1.5 billion. Its next Board meeting from 17-20 October will consider 20 new project proposals totalling $1.1 billion in GCF resources.

In parallel with the IPCC launch of its Global Warming of 1.5C report, GCF is holding its first Global National Designated Authorities (NDA) Conference today in Incheon, to explore how GCF climate finance can help drive climate action across the planet. At least thirty Ministers will join other government representatives in GCF’s largest gathering of developing country governments, to explore how developing country access to GCF financial resources can forge low-emission and climate-resilient pathways. NDAs, or focal points, represent developing country governments in their dealings with GCF.

The Intergovernmental Panel on Climate Change (IPCC) 1.5C report charts the devastating effects of global warming of 1.5C and over. The latest IPCC report is based on an assessment of thousands of scientific papers published each year. The release today of the summary for policy makers follows extensive consultations, also held in Incheon, Republic of Korea, between the report authors and representatives from various governments. These talks were described by IPCC chair Hoesung Lee as “one of the most important meetings in the IPCC’s history.”

The Green Climate Fund (GCF) aims to support the efforts of developing countries to respond to the challenge of climate change through low-emission, climate-resilient development. It was established by the parties to the United Nations Framework Convention on Climate Change in 2010, as part of the Convention’s financial mechanism. GCF has since been given the role of serving the 2015 Paris Agreement by supporting the goal of keeping global temperature rise well below 2 degrees Celsius above pre-industrial levels, and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius.

This post is sponsored by Green Climate Fund.