Developed nations pledge $248m

Eleven developed countries yesterday pledged $248 million for climate adaptation support to the most vulnerable countries including Bangladesh.

They made the commitment just a day after the COP21 opened in Paris.

Canada, Denmark, Finland, France, Germany, Ireland, Italy, Sweden, Switzerland, the UK, and the USA announced their contributions to the Least Developed Countries Fund (LDCF), a climate fund hosted by the Global Environment Facility (GEF), said a release of the GEF. 

The money will be spent in building resistance against climate change variability and disasters.

“Given that we're already locked into climate change trajectories for many years to come, increased investment in adaptation has to be at the core of the new climate agreement,” said Naoko Ishii, CEO of GEF.

“We know that many billions are required over the next few years to fill the gap in climate finance, but the money pledged today [yesterday] is vital to help some of the most vulnerable people on the planet cope with the immediate impacts of our rapidly warming world.

“This funding for adaptation is urgently needed to help sustain the hard-earned momentum for action on the ground that some of the most vulnerable countries have achieved in recent years,” added Ishii.

Former president of Ireland and UN Secretary-General's Special Envoy on Climate Change Mary Robinson said, “People from across the developing world are leading the way to climate solutions. But the scale and international nature of climate change requires an unprecedented level of international solidarity and support.”

The new financing will enable the GEF to respond to existing requests for support ranging from investments in new approaches to national adaptation planning, read the GEF release.