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Switzerland will continue to support the Green Climate Fund (GCF) with a total contribution of CHF 135 million over the next four years. The Federal Council took this decision at…
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Swiss Government Renews its Contribution to the Green Climate Fund – ESG News
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Swiss Government Renews its Contribution to the Green Climate Fund
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Swiss Government Renews its Contribution to the Green Climate Fund
by ESG News
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April 10, 2024
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Switzerland will continue to support the Green Climate Fund (GCF) with a total contribution of CHF 135 million over the next four years. The Federal Council took this decision at its meeting on 10 April 2024. The GCF helps developing countries take concrete action to achieve the goals of the United Nations Framework Convention on Climate Change and the Paris Agreement. In particular, it funds initiatives aimed at reducing greenhouse gas emissions and adapting to climate change.
The Federal Council has decided to allocate CHF 135 million to the second replenishment of the GCF for the years 2024 to 2027, as provided for in the Dispatch on Switzerland’s International Cooperation 2021–24. This decision demonstrates the Federal Council’s commitment to addressing the growing challenges of climate change and the urgent need for action.
The GCF is the world’s largest fund dedicated to combating climate change. Its approach prioritises the needs of developing countries, which are disproportionately affected by climate change. The GCF also supports efforts to reduce CO2 emissions and adapt to climate change. To date, the GCF has invested in over 250 projects in 130 countries, which are expected to benefit more than a billion people and sustainably reduce global CO2 emissions by approximately 3 billion tonnes.
Related Article: IFC and Switzerland Expand Partnership to Build Climate-Resilient Urban Infrastructure in Emerging Markets
Switzerland’s support for the GCF is part of its contribution to international climate finance and fulfils one of its obligations under the United Nations Framework Convention on Climate Change and the Paris Agreement. This obligation includes providing financial support for climate initiatives in low-income countries, thereby also contributing to the implementation of the 2030 Agenda for Sustainable Development
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