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Norway pledges NOK 1.6 billion to the Green Climate Fund

Norway will provide NOK 1.6 billion (USD 258 mill) to the Green Climate Fund over the next four years. With this announcement, the total amount pledged to the Fund has now reached the equivalent of USD 9.95 billion. Thanks to this increase in Norway’s contribution, the goal of USD 10 billion is now within reach. ‘The Green Climate Fund has great potential and can play a key role in reaching a global climate agreement in Paris in 2015,’ said Minister of Foreign Affairs Børge Brende.

As a result of the budget agreement between the Government and the Christian Democratic Party and the Liberal Party, Norway’s allocation to the Fund will be increased to NOK 400 million in 2015. The Government intends to maintain this level for the following years, and will accordingly increase Norway’s contribution to a total of NOK 1.6 billion for the period 2015–18.

‘Global climate change is one of the greatest challenges the world has to deal with in the coming years. The objective of the Green Climate Fund is to be one of the main channels for funding both mitigation and adaptation measures in developing countries. This is crucial for ensuring sustainable growth and development in poor countries, which will often be most severely affected by climate change,’ said Foreign Minister Brende.

‘Norway is working towards a climate agreement in 2015 in which all countries will participate. Sufficient contributions to the Green Climate Fund, which is now approaching USD 10 billion, will provide a positive impetus to the negotiations. Norway is playing a leading role in climate finance internationally, but mobilising more climate finance is a shared global responsibility. Rich countries must provide the greatest share of the funding, but all countries that have the economic capacity should contribute. Recipient countries have a particular responsibility for providing conditions that attract climate investments,’ said Minister of Climate and Environment Tine Sundtoft.

At the Fund’s first pledging conference in November, a total of USD 9.3 billion was promised. Several of the major developed countries, including the US and Japan, have made pledges (of USD 3 billion and USD 1.5 billion, respectively) that will be fully disbursed only if total contributions to the fund reach USD 10 billion. Norway’s increased allocation should encourage other donors to pledge the remaining USD 50 million that is needed to reach the goal of USD 10 billion. Without the increase in funding from Norway, this would have been very difficult.  

Mr Brende has previously announced that climate-related efforts will be given higher priority in Norway’s foreign and development policy. Norway provides substantial support for climate-related measures in developing countries, with annual allocations of nearly NOK 6 billion. In addition to Norway’s contribution to the Green Climate Fund, the Government supports a number of other mitigation and adaptation measures in developing countries. Focus areas include forest conservation, access to clean energy, phasing out fossil-fuel subsidies, promotion of food and nutritional security, provision of weather and climate services, support for agricultural research, prevention of natural disasters, and conservation of biodiversity.

 

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