121. Revitalising the Green Climate Fund
- Author:
- Georgia Hammersley, Melanie Pill, and Roland Rajah
- Publication Date:
- 09-2023
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- The Green Climate Fund (GCF) is a lynchpin for global climate solidarity and plays an important role in supporting climate action in developing countries. The Fund should, however, increase its focus on serving the most climate vulnerable countries, including in the Pacific Islands region, particularly through grant-based adaptation financing. Reforms are required to ensure that GCF support is targeted to where it is needed most and to boost countries’ direct access to funding. This includes adoption of country allocations following a prescribed formula to guarantee that support is well targeted and depoliticised. Major donors should continue to invest resources and diplomatic effort in the GCF through its upcoming replenishment, while scaling up their financial support over time in line with these reforms. Australia should rejoin the Fund to further its own strategic climate objectives. Canberra has a crucial role to play in making the GCF work for Pacific Island countries and in unlocking greater global climate funding for the region.
- Topic:
- Climate Change, Reform, Investment, and Green Climate Fund (GCF)
- Political Geography:
- Australia/Pacific