The Green Climate Fund (GCF) welcomes Austria’s announcement that it will contribute EUR 160 million to GCF for the Fund’s second replenishment (GCF-2). Austria’s pledge is a 23 per cent increase on the amount pledged during the Fund’s first replenishment (GCF-1).
Austria has become a frontrunner in pledging significant financial support for GCF-2, laying the foundation for other nations to follow suit by contributing to critical climate finance for the world’s most vulnerable people to address the climate crisis. Austria’s leadership underlines the importance of a successful GCF replenishment and demonstrates Austria’s confidence in GCF’s role in mobilising finance for developing countries to take climate action.
The pledge is timely in light of the latest report by the Intergovernmental Panel on Climate Change (IPCC) that urges for more ambitious climate action to avert future catastrophic consequences for humanity and the planet as a result of climate change. More global cooperation and funding are needed to help countries adapt to global warming and keep warming to 1.5°C above pre-industrial levels.
Austria’s Federal Minister for Climate Action, Environment, Energy, Mobility, Innovation, and Technology Leonore Gewessler said: “The climate crisis and its disastrous effects are a major threat for humanity all over the world. This is especially true for developing countries in the Global South. We want to take our responsibility seriously and support those countries. I am very proud that Austria has become a front-runner for climate finance, by already pledging a total of EUR 160 million for the next financing period of the Green Climate Fund, starting in 2024. I want to encourage others to follow. There is only this one planet Earth – and it is on us to take action and protect it.”
GCF Executive Director a.i. Henry Gonzalez stated: “The Green Climate Fund welcomes Austria’s leadership and commitment to climate finance by making a major contribution to the Fund’s second replenishment. By increasing its contribution by 23 per cent, Austria is demonstrating its trust in GCF’s progress and the ability to drive transformation and unlock climate innovation. It is critical that other nations follow Austria’s lead in recapitalising the Fund, allowing GCF to continue to deliver for those who need it the most.”
The second GCF replenishment was launched during the 33rd meeting of the GCF Board in July 2022. The process includes consultation meetings with potential contributors, Board members, and observers, and will culminate in a high-level pledging conference, which will be held on 5 October 2023 in Bonn, Germany.
For more information about GCF-2, visit here.