QUEZON CITY, October 6, 2023 – Echoing the call of the Vulnerable 20 Group (V20 Group) of Finance Ministers, Manila-based think tank Institute for Climate and Sustainable Cities (ICSC) calls upon leaders of developed nations to fulfill their obligations to climate-vulnerable countries and deliver climate finance pledges with utmost urgency as the Green Climate Fund (GCF) undergoes its second replenishment.
Government leaders and climate experts from around the world gathered in Bonn, Germany yesterday for the pledging conference for the second replenishment of the GCF, which is the largest multilateral climate fund established by the United Nations.
Following the pledging conference for its second replenishment (2024-2027), 25 countries have pledged a total of USD 9.3 billion, just short of the initial funding amount announced at the Fund’s first replenishment (2020-2023) worth USD 10 billion. Of the 25, 18 have increased their contributions since the first replenishment, and an additional five countries—including previous contributors of sizable funding—have announced they are preparing pledges, making the Fund on track to exceed USD 10 billion in pledges by COP28 in December. However, this amount is still significantly lower than the global climate finance commitment set in 2009, which targeted the mobilization of USD 100 billion in funding for developing countries each year until 2025.
The Philippines currently has seven GCF-funded projects, two of which are country-specific, while the remaining five include multiple countries. The Philippine-specific grants amount to USD 36,272,552.00 combined, and encompass forestry and land use; livelihoods; health; food and water security; and vulnerable people and communities.
Responding to updates on the GCF’s second replenishment is ICSC Executive Director Angelo Kairos dela Cruz, who also sits as the alternate active observer for the Global South of the GCF observer network of civil society, Indigenous Peoples, and local communities:
“Climate finance should never be discussed separately from science. The Intergovernmental Panel on Climate Change (IPCC), in their sixth assessment report, also stressed the urgency to scale-up mobilization of climate finance in support of the adaptation and mitigation initiatives of countries and communities. We need more ambitious climate action, now more than ever, and the second replenishment of the GCF will play a crucial role in helping people and communities survive and thrive amid climate change impacts, leading towards climate-resilient development.
“We stand with the V20 Group of Finance Ministers in calling for a global financial system that is fit-for-climate, and responsive to the needs of the most vulnerable people and communities. Developed nations must urgently deliver their climate finance pledges to support vulnerable countries and communities, who have been bearing the brunt of worsening climate impacts for a long time. The GCF carries a heavy weight in leveraging finance for developing countries. While we welcome the pledges for the Fund’s second replenishment, small increases in contributions is not enough to cover the loss and damages incurred over the years, more so the impacts that will come.
“Community ownership and co-creation in climate finance is also very important. While faced with limitations, the People’s Survival Fund (PSF), the Philippines’ national adaptation fund, is proof that putting local communities at the helm of climate action can facilitate enhanced direct access. As part of the Fund’s Board, we hope that soon, the PSF could be among the financing facilities that could funnel GCF financing towards community-driven climate action in the country.
“It is high time that we measure the impacts of climate finance on communities. Developed nations doing their fair share and delivering their finance obligations is a top priority, multilateral climate funds such as the GCF should not be held back by a lack of funding. The next step is ensuring that these contributions can be accessed effectively and efficiently by those who need them most.”
NOTE TO EDITOR
ICSC is part of the GCF observer network of civil society, Indigenous Peoples, and local communities’ organizations, which brings together both developing and developed countries working to strengthen engagement and input in the GCF through sharing of information and collaboration on analyses, positions, and advocacy.
ICSC is also among the organizations that leads GCFWatch, a CSO-led initiative established through the observer network, aimed at promoting and accelerating global climate finance as well as facilitating coordination and collaboration among Southern-based observers. Learn more: https://www.gcfwatch.org/.
ABOUT
The Institute for Climate and Sustainable Cities is a Manila-based climate and energy policy group advancing climate resilience and low-carbon development.
CONTACT
Sanafe Marcelo, ICSC: media@icsc.ngo, +63968 886 3466, +63917 149 5649
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