Green Climate Fund - who's pledged and who hasn't

AP News
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Posted: Dec 06, 2014 11:35 AM
Green Climate Fund - who's pledged and who hasn't

LIMA, Peru (AP) — Among the most significant achievements of the U.N. climate talks, the Green Climate Fund is intended to become a key channel of money to help poor countries take action to fight climate change and deal with its impacts.

With Norway's pledge of $258 million on Friday, the fund has received promises of $10 billion, and is expected to start considering projects for funding next year.

However, the 24-member board — split equally between developed and developing countries — first needs to adopt some rules on what kind of projects should get financing.

Here's a look at some of the contributions, from rich and poor alike:

UNITED STATES: $3 billion. White House says a "significant portion" should support private sector activities and reserves the right to direct some of the money to other funds "based on the pace of progress" of the GCF.

JAPAN: $1.5 billion. Green groups suspect Japan wants the fund to allow financing for fossil fuel technologies, including modern coal-fired power plants. Japanese delegates in Lima said Friday that Japan hasn't adopted a position yet. An AP report Monday showed Japan has already used about $1 billion in climate money to build coal plants in Indonesia.

BRITAIN: $1.2 billion. Britain says it wants to earmark some of the adaptation funds for the most vulnerable countries.

FRANCE: $1 billion. The French pledge is a combination of grants and concessional loans.

SWEDEN: $550 million. Sweden's contribution is the biggest relative to the size of the country's population. The pledge needs to be approved by Parliament, which is currently in crisis mode after the government failed to get its budget adopted.

AUSTRALIA: Zero. Australia says it will continue to pay for climate change adaptation in vulnerable countries through its aid budget rather than through the GCF.

SOUTH KOREA: $100 million. The first developing country to make a pledge to the fund. It's also the host country of the GCF headquarters.

CHINA: Zero. The world's most populous country and No. 1 carbon polluter hasn't contributed to the fund but China's chief negotiator at U.N. climate talks in Lima on Thursday urged all developed countries, including Australia, to do so.

MONGOLIA: $50,000. It may be a symbolic sum, but China's poorer neighbor Mongolia's pledge shows that anyone can contribute, not just rich countries. Mongolia's GDP per capita is not even one-fifth of that of the United States.