Today, Monaco has reaffirmed its commitment to combatting climate change by pledging a significant contribution of €3.3 million to the Green Climate Fund (GCF) for the 2024-2027 period. The announcement was made by Ms. Isabelle Berro-Amadeï, Government Counselor-Minister of Foreign Affairs and Cooperation, marking a critical step in the second replenishment process for the fund's resources.
As the world's largest multilateral fund dedicated to fostering climate resilience and transitioning to renewable energy in developing countries, the GCF plays a pivotal role in advancing global efforts to combat climate change. Monaco has been a firm supporter of the fund since its inception in 2015, progressively increasing its financial contributions over the years. This dedication has established Monaco as the highest per capita contributor to the fund during the 2020-2023 period.
The announcement followed the recent visit to Monaco by Ms. Hong-Thuy Paterson, the Chief Financial Officer of the Fund, and comes ahead of the Contribution Pledges Conference set to take place in Bonn, Germany on October 5.
Monaco's commitment, representing a 10% increase compared to the previous period, sends a powerful message of confidence in the fund's ability to make a significant climate impact in the world's most vulnerable countries.
As the global assessment of the Paris Agreement approaches at COP28 in Dubai later this year, Monaco's contribution demonstrates hope that the GCF will play a catalytic role in mobilizing large-scale, diversified funding in the coming years to support the Paris Agreement's objectives.
In response to the announcement, Henry Gonzalez, Interim Executive Director of the Green Climate Fund, expressed appreciation for Monaco's increased contribution: "The Green Climate Fund welcomes Monaco's commitment to the GCF, reinforcing its dedication to climate finance and its trust in the GCF's ability to drive global climate action. Monaco's increased contribution serves as a beacon of ambition that other countries should follow. These contributions are crucial for enabling the GCF to continue supporting the world's most vulnerable regions in the face of climate change."
Monaco's pledge to the GCF exemplifies its ongoing dedication to environmental stewardship and proactive action against climate change, showcasing a model for other nations to emulate in their environmental policies and commitments.