At the COP28 Green Climate Fund event themed “Scaling up Access and Impact,” UN Climate Change Executive Secretary Simon Stiell emphasized the critical role and potential of the Green Climate Fund (GCF) in combatting climate change. In his speech, Stiell highlighted the fundamental importance of financing in driving climate action and described the GCF as one of the most pivotal ideas in the fight against climate change.
“The simple idea behind the Green Climate Fund is among the best, critical ideas we have had in the fight against climate change. Finance is the great enabler of climate action,” stated Stiell.
He accentuated the GCF’s ability to propel both mitigation and adaptation projects by providing grant funding to developing countries. Stiell underscored the fund’s catalytic effect, exemplifying its investment of over $250 million in the Infrastructure Climate Resilient Fund, potentially benefiting up to 144 million people in Africa with reliable, resilient, and clean infrastructure.
However, amid
st the accolades, Stiell also acknowledged the need for continual learning and improvement within the GCF, recognizing the complexity of managing funding across diverse sectors. He urged collective support for the GCF’s growth, expressing satisfaction with the recent replenishment pledges at COP28, which reached a total of $12.5 billion. Nonetheless, he highlighted the shortfall compared to the escalating demand from developing countries, calling for a broader pool of contributors.
Stiell advocated for a shift in perspective regarding climate funding, urging stakeholders to view investments in mitigation and adaptation as enlightened self-interest rather than charity or aid. He emphasized the urgency of a new financial goal, supporting Mafalda’s vision to elevate the GCF to a $50-billion-dollar fund by 2030, catalyzing increased financial support for the developing world.
Additionally, he emphasized the necessity for wider systemic changes across various institutions, lauding Prime Minister Mia Mottley’s ef
forts to reduce capital costs for developing countries. Stiell stressed the importance of collaboration across multilateral development banks, regulators, and private sector intermediaries to maximize the impact of GCF investments.
In closing, he highlighted the significance of collective efforts in breaking barriers, forging compromises, and fostering collaboration, citing the recent creation and pledges for the Loss and Damage Fund as a testament to what can be achieved through unified action.
Stiell concluded his speech by expressing gratitude and underlining the importance of assessing progress and setting ambitious yet essential objectives to steer the global community towards a more sustainable future.
Source: National News Agency – Lebanon