The Government of Sweden has announced its intention to increase Green Climate Fund (GCF) financing by approximately US$550 million (SEK 4 billion), for the Fund's initial resource mobilization process, and to allocate an additional SEK 500 million to international climate action.
The contribution, which will cover the period 2015-2018 and requires the approval of the Riksdag, is the most ambitious contribution per capita of countries that have thus far announced their intention to contribute to the GCF.
Swedish Minister for International Development Cooperation Isabella Lövin stressed that these decisions are fundamental to Sweden's and the EU's “credibility vis-à-vis the developing countries in climate negotiations.”
According to the announcement, the Government of Sweden intends to work to ensure that the EU as a whole is proactive in developing sources of climate financing and takes a constructive approach to climate financing after 2020. [Swedish Government News Story]
THEMES:
TAGS:
- GCF
- pledges
- Sweden
