SONGDO, South Korea — The executive director of the Green Climate Fund hopes to secure at least $9.3 billion in pledges by the end of the fund’s first replenishment process, something he says would be a “major achievement” since several countries that made large contributions in the initial fund mobilization will not be taking part.
“The objective is to at least match the initial pledges in 2014,” Yannick Glemarec told Devex in an interview, just before he headed to Paris for the replenishment conference. “If we succeed in at least matching the 2014 replenishment, this would be made possible thanks to the fact that a number of countries have decided to double their initial contribution.”
Countries including Australia and the United States have made it clear that they would not contribute any more money to the United Nations’ flagship climate fund. But Glemarec said others are stepping up. “All in all 16 countries have already announced they will contribute to the first replenishment of the GCF — 90% are increasing, 50% are doubling,” he said.
Listen to the rest of the wide-ranging interview, where Glemarec talks about the allocations already made by GCF, acknowledges growing pains in the organization, and discusses the new types of blended finance being used.