Sweden has committed to provide 8bn Swedish kronor ($763mn) for the UN's Green Climate Fund (GCF) and a further SEK200mn ($18.1mn) to the UN loss and damage fund.
The loss and damage fund seeks to address the irreversible and unavoidable effects of climate change in developing countries. The fund is now ready to receive contributions — all of which are voluntary — after the World Bank and the Philippines officially became its secretariat and host country, respectively, on 12 November.
Sweden's contribution takes the total finance pledged to more than $720mn. The fund is expected to start financing projects next year.
And the country's commitment to the GCF takes that fund's latest replenishment to more than $13.5bn. The GCF is the world's largest climate fund, with a portfolio of almost 300 projects across 133 developing countries.
The UN Cop 29 climate conference started on 11 November and runs to 22 November. Governments and banks typically use the summit's themed ‘finance day' — today — to make concrete pledges of funding. But these are so far largely absent this year, although a group of ten multilateral development banks yesterday estimated an increase in their climate financing to $170bn/yr by 2030.
Most countries are focused on reaching agreement on the new overarching climate goal, known as the new quantified collective goal (NCQG).
