Switzerland to substantially boost funding of Green Climate Fund
Switzerland will commit $150 million (approx. CHF135 million) to the fund aimed at helping developing countries reduce greenhouse gas emissions and adapt to climate change.
The Alpine nation’s contribution will increase by 50% for the 2020-2023 period. It had budgeted $100 million for the years 2015-2019.
This aid sends a strong signal for the fight against climate change, the government said on Wednesday. Climate challenges require an urgent response, it added. Developing countries are the most affected by climate change and the Green Climate Fund takes into account the needs of the most vulnerable countries.
The Green Climate Fund helps developing countries implement the UN Framework Convention on Climate Change. The Fund invests in low-emission and resilient agriculture, forest protection, energy transition and access to clean energy sources.
Since its creation in 2015, 130 projects in about 100 countries have been funded. They have benefited more than 350 million people and reduced CO2 emissions by 1.6 billion tonnes.
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