Monday, November 17, 2014

G20 Pledges Lift Green Climate Fund Towards $10 Billion U.N. Goal

(Credit: Reuters/G20 Australia/Reuters) Click to Enlarge.
A promise by Japan on Sunday to give up to $1.5 billion to a U.N. fund to help poor nations cope with global warming puts the fund within sight of a $10 billion goal and brightens prospects for a U.N. climate pact next year.

Japan's pledge, at the G20 meeting of world leaders in Australia, raises the total promised to the Green Climate Fund (GCF) to $7.5 billion, including up to $3 billion by U.S. President Barack Obama on Saturday.

The Seoul-based GCF Secretariat in a statement hailed the pledges as a turning point before a first donors' conference in Berlin on Thursday.  The United Nations has set an informal target of raising $10 billion this year.

The cash, to help emerging economies curb their greenhouse gas emissions and adapt to changes such as heatwaves, mudslides and rising sea levels, is widely seen as vital to unlock a U.N. climate deal meant to be agreed in late 2015 in Paris.

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