Bonn (dpa) – For the battle against climate change and its impacts, poorer states are to receive at least 9.322 billion US dollars (8.9 billion euros) from industrialised countries over the coming years. As the German Federal Development Ministry announced following a conference in Bonn hosted by Germany, the money has been pledged to the Green Climate Fund by donor countries to finance projects in emerging economies and developing countries between 2024 and 2027.
According to the ministry, 25 countries made funding pledges, with another five announcing that they will shortly present their pledges, meaning that the final total funding received is likely to be “considerably higher”. Development Minister Svenja Schulze said she expected this to happen by the UN Climate Change Conference in Dubai at the end of the year, but that it was still too early to make any final assessment. On behalf of the German government, Chancellor Olaf Scholz reiterated his pledge of two billion euros for the current financing round.
The Green Climate Fund provides developing countries with subsidies, loans, guarantees and equity capital for the battle against the impacts of climate change and also seeks to mobilise private capital. According to the Federal Development Ministry, 228 projects have been funded to date.
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