Still a Long Way to Go. Green Climate Fund Finally Passes $10 Billion

Tony Abbott

A U.N. goal of $10 billion was reached Tuesday at climate talks in Lima. Good news, right? I guess. But, $10 billion is nothing compared to the $100 billion a year goal by 2020.

So, who threw in money this time? Australia pledged $166 million while Belgium threw in $64 million.

The head of the Green Climate Fund, Hela Cheikhrouhou, remained optimistic in comments to Reuters. “We’ve got above one of the psychologically important milestones of more than $10 billion.”

Of the more than 190 countries represented at this month’s talks in Lima, just 24 have pledged a total of $10.14 billion.

Environment ministers from around the world are hashing out parts of a draft deal that will curb greenhouse gas emissions. Financing this deal is a major part of it. The particulars of the financing is expected to be agreed on in a climate summit in Paris next year.

The $10 billion figure is seen more as a vote of confidence towards the Green Climate Fund. We’ll see if the rest of the world follows through at Paris’ summit next year.

What will the Green Climate Fund do? It’s designed to assist poorer nations get a handle on their greenhouse gas emissions. It will also help these countries deal with extreme weather including heatwaves, mudslides, etc.

The Green Climate Fund will play an integral part in a more wide-reaching U.N. climate deal expected to be agreed upon at the Paris summit in 2015.

The U.N. wanted to hit the $10 billion milestone during the Lima conference and they did. But, there’s still a long road ahead.

In related news, India plans to spend at least $100 billion on climate-related projects according to Bloomberg. But, they skirted a pledge to limit fossil-fuel emissions. China and the U.S., two of the world’s top fossil-fuel emitters, promised to limit them in pledges last month. These pledges were vague, though.

Image: Australia’s Prime Minister Tony Abbott

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