LIMA – Green Climate Fund (GCF) Executive Director Hela Cheikhrouhou has praised the contributions announced by Mexico, Peru and Colombia for the first fund to finance the mitigation and adaptation to global warming in developing countries.
At a press conference on Thursday, Cheikhrouhou described the countries’ commitment as a good sign for the first Green Fund financing process.
During a plenary session of the UN climate change summit, the COP20, in the Peruvian capital, Mexico committed to donating $10 million, while Peru and Colombia will give $6 million each.
“It shows that the Latin American countries are concerned for the fund’s development,” said Cheikhrouhou.
When asked if the institution was expecting funds from Brazil and Argentina, the executive director said that Green Fund is focused on donations from those countries that have the primary responsibility of contributing in the fund.
Other developing countries will be contacted in 2015 to increase their awareness and encourage them to contribute, she added.
During the COP20 event, the GCF accomplished its goal of reaching $10 billion from several countries, including an outstanding contribution of $3 billion by the United States.
The objective of the GCF is to gather $100 billion per annum by 2020, but Cheikhrouhou said that the amount can be channeled by various financing mechanisms and does not imply that it flows through the Green Fund.
Once the commitment is made, the next step is to sign a contribution agreement according to the amount approved in the country’s annual budget.
Denmark was the first to sign the pledge with $70 million.
Regarding possible contributions from the private sector, Cheikhrouhou said that the GCF management will discuss in June contributions from private entities.