LEGAZPI CITY — The United Nations green climate fund will likely receive more contributiions next year. Some developed nations are likely to remit their pledges to the US$100-billion United Nations’ Green Climate Fund next year, Albay Gov. Joey Salceda said Wednesday.
In a statement received here from Incheon city, South Korea, said these developed countries such as Germany, Norway, Sweden, Austria and United Kingdom have the possibilities of remitting a total of more or less US$ 14 billion as part of their pledges. Salceda is the co-chairperson of the GCF for Developing Countries,
Salceda is in South Korea for the inauguration of the GFC headquarters in G-Tower, Songdo, Incheon city.
He was joined by Manfred Konukiewitz, the Deputy Director General, Global and Sectoral Policies, and Commissioner for Climate Policy of the German Federal Ministry for Economic Cooperation and Development, who is GCF co-chair for developed countries.
Other foreign dignitaries who graced the occasion were Finance Deputy Minister Oh-Seok Hyun of the Republic of Korea, GCF executive director Hela Cheikhrouhou, World Bank Group president Jim Yong Kim, International Monetary Fund (IMF) Managing Director Christine Lagarde, United Nations Framework Convention on Climate Change (UNFCCC) Executive Secretary Christiana Figueres and Mayor Song Young Gil of Incheon Metropolitan City, Salceda said in the statement.
According to him, the headquarters is located in a building that showcases state-of-art renewable energy facilities such as photovoltaic panels, solar water heaters and geothermal heating systems specially designed for GCF and other international organizations.
Incheon city won in the global bidding and the G-Tower was chosen by the GCF Board. The Fund will occupy the building for free with annual budgetary support and diplomatic status for employees.
With the unanimous support of representatives from developing countries, Salceda who was earlier named by the UN a global climate change adaptation champion, was elected co-chair of the GFC during the meeting held in Paris, France, last Oct. 7-10.
GFC, which aims to make a significant and ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change, has US$ 100 billion in pledges from developed countries by 2020 in response to the urgency and seriousness of this weather phenomenon.
The Fund, Salceda said, will contribute to the achievement of the ultimate objective of the UNFCCC which in the context of sustainable development, shall promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions.
It would also provide for the adaptation to the impacts of climate change, taking into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change.
The Fund will be guided by the principles and provisions of the UNFCCC established in December 2011 with a vision to help the developing countries cushion the impacts of changing climate.
It is designated as an operating entity of the financial mechanism of the UNFCCC, in accordance with Article 11 of the Convention.
Arrangements will be concluded between the Conference of the Parties (COP) to ensure that it is accountable to, and functions under its guidance, Salceda said.
The Fund, he stressed, will operate in a transparent and accountable manner guided by efficiency and effectiveness so that it plays a key role in channeling new, additional, adequate and predictable financial resources to developing countries and will catalyze climate finance, both public and private, at the international and national levels.
It will pursue a country-driven approach and promote and strengthen engagement at the country level through effective involvement of relevant institutions and stakeholders in scalable and flexible manner and will be a continuously learning institution guided by processes for monitoring and evaluation.
The Fund will strive to maximize the impact of its funding for adaptation and mitigation, and seek a balance between the two, while promoting environmental, social, economic and development co-benefits and taking a gender-sensitive approach, Salceda added. (PNA report by Danny O. Calleja)