UN Climate Fund Gears Up to Deploy Cash After Japan Inks Pledge

The U.N.'s Green Climate Fund can start deciding where to deploy its cash following the signing of an agreement with the Japanese government that means it will have enough money to begin operating.

The new fund for international climate finance needed to convert half of the $9.35 billion pledges made for its first pledging conference last November into firm contribution agreements to become effective. It had set a deadline for the end of April.

Japan and the United States did not meet that deadline, leaving the fund short. But Japan's move to firm up its $1.5 billion pledge on Thursday brings the total covered by signed agreements to $5.47 billion, above the 50 percent threshold.

"This achievement means the Fund has reached an important milestone and can now start making financial commitments to developing countries," said Héla Cheikhrouhou, executive director of the Green Climate Fund (GCF).

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