The Federal Republic of Germany has just hosted a new international summit gathering government representatives and climate experts to channel the world finance towards global climate actions. The High-Level Pledging Conference was held in Bonn (Germany) on the 5th October 2023 with the participation of a delegation from the Principality of Monaco, led by H.E. Lorenzo Ravano, Ambassador of Monaco to Germany. The rendezvous developed five main axes: 1. New Capital = financing climate initiatives ; 2. Hope and Solidarity = supporting most vulnerable communities affected by extreme climate effects; 3. Impact = fostering a low-carbon, climate-resilient and sustainable transition; 4. Change = operating in hot spots to improve their condition; 5. Accelerate Climate Action = favouring climate finance investments towards developing countries to encourage innovative solutions between 2024 and 2027.
In this context, the Ambassador of Monaco reaffirmed the commitment of the Prince’s Government to contribute €3.3 million to the Fund for the period 2024-2027. In fact, parties agreed to carry forward to the Fund’s second replenishment cycle (GCF-2 - Green Climate Fund 2). The core mission is to empower the Green Climate Fund, as part of the UNFCCC financial mechanisms*, in order to promptly respond to any eventuality through an effective implementation plan, adapted to the territories concerned. All participants were invited to attend the High-Level Dialogues session focused on 'The State of Climate Finance' and 'The Role of GCF in a Changing World'.
The Green Climate Fund has been developing climate mitigation and adaptation since its foundation in 2015. The financial tool has already invested more than $ 12 billion in support to 216 projects in 128 developing countries. A extra budget of $ 33 billion has been put at disposal thanks to the private sector contribution. The initiatives carried out allowed to avoid 2.9 billion tonnes of CO2 equivalent helping about a million people to be better prepared for such extreme phenomena.
The Principality of Monaco is fully committed in fighting against climate change considering it as a prior target in its development cooperation policy in the footsteps of the signing of the Paris Agreement. Monaco has therefore increasingly contributed to support the Fund.
The decision to increase Monaco's contribution by 10% wants to convey a strong message in favour of climate justice, considering the Fund as one of the most effective tool to produce climate impactful benefits. Not by chance, the Principality of Monaco decided to move from actions to facts by signing a Contribution Agreement within the German edition of the High-Level Pledging Conference. Monaco ranks then among the main international leaders to sustain the GCF, together with France, Germany and United Kingdom. *** ---------------------------------------------------------------------------------------------
*United Nations Framework Convention on Climate Change resulting from COP21, Paris Agreement (2015).
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By Maurice Abbati
Springer International Publishing