Finland to support replenishment of Green Climate Fund

Finland pledges to support the Green Climate Fund (GCF) with a total of EUR 60 million in 2024–2027. The pledge was announced today at the High-Level Pledging Conference in Bonn, deciding on the GCF’s second replenishment (GCF-2).

The Green Climate Fund, established under the Paris Agreement, is the official financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC). The GCF supports developing countries in their transition to low-emission, climate-resilient pathways. It plays an instrumental role in the implementation of the Paris Agreement.

Finland’s pledge to the Green Climate Fund is part of Finland’s international climate finance to which we are committed as a party to the UNFCCC and the Paris Agreement.

In the replenishment consultation meetings, Finland has endorsed initiatives to strengthen the performance management and risk management practices of the GCF and to unlock larger financial flows from the private sector. The GCF supports large-scale solutions to help developing countries in climate change mitigation and adaptation, driving systemic transitions. In addition, it promotes climate information and early warning systems, new solutions and innovations and the strengthening of developing countries’ own capabilities.

In monetary terms, the Green Climate Fund is the largest fund under the Paris Agreement. Since its foundation, the GCF has accumulated a portfolio of more than USD 12 billion and mobilised around USD 33 billion from public and private sources to its projects and programmes.

The 228 projects approved at the moment are expected to generate, across their lifespan, adaptation benefits to around one billion people and to reduce greenhouse gas emissions by 2.9 billion tonnes of carbon dioxide equivalent (some 63 times as much as Finland’s emissions in 2022).

At the High-Level Pledging Conference, 25 countries pledged to replenish the Green Climate Fund by around USD 9.32 billion for the next four years.