Monaco participates in the reconstitution of the Green Climate Fund

A Monegasque delegation participated in the high-level conference organized by the Green Climate Fund in Paris on 24th and 25th October 2019. During this meeting, the developed countries are invited to announce their contribution to the reconstitution of the Fund for the period 2020-2023.

As a key instrument of the financial mechanism of the United Nations Framework Convention on Climate Change, the Fund aims to channel a significant share of international public funds to support the implementation of the Paris Agreement in developing countries.

Operational since 2015, the Fund has already awarded more than $5 billion in funding to support 111 projects in nearly 100 countries, with a focus on least developed countries and small island developing states, the first victims of climate change. Aiming at a balance between mitigation and adaptation, ongoing projects aim to avoid 1.5 billion tonnes of CO2 equivalent and strengthen the resilience of more than 310 million people to the consequences of climate change.

The current replenishment aims at securing a sufficient level of resources to ensure its operations over the next four years.

Having supported the Fund since its inception, the Prince’s Government has reaffirmed its confidence in this international financial instrument by announcing a contribution of €3 million over the 2020-2023 period. The Principality also encouraged the Fund to increase its effectiveness in order to maximize its impact for the benefit of the most vulnerable.

With this commitment, Monaco is following in the footsteps of France, Germany and the United Kingdom, which have also renewed their support for the Fund.