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Belgian pledge pushes Green Climate Fund to $10 billion goal
December 9, 2014 / 8:51 PM / 3 years ago

Belgian pledge pushes Green Climate Fund to $10 billion goal

LIMA (Reuters) - Belgium will pledge 50 million euros ($62 million) on Tuesday to a new U.N. Green Climate Fund to help developing nations cope with global warming, a Belgian official said, bringing the total to a U.N. target of $10 billion.

About 190 nations are meeting in Lima from Dec. 1-12 to work on elements of a draft agreement to combat greenhouse gas emissions. The deal is expected to be finalized in Paris in a year’s time.

The U.N. said earlier this year it hoped the initial round of pledges would reach $10 billion to encourage progress in the Lima negotiations. The GCF said last week that pledges totaled $9.95 billion, led by up to $3 billion by the United States.

“It will be formally announced a bit later today,” a Belgian official said, confirming Belgian media reports but asking not to be named.

The fund is meant to help poor nations cut their greenhouse gas emissions and adapt to climate change, such as more desertification, more powerful storms and rising sea levels.

Developing nations have welcomed the pledges but say developed nations are not on track to keep a bigger promise, made in 2009, of mobilizing $100 billion in climate finance from public and private sectors by 2020.

Reporting by Alister Doyle; Editing by Richard Chang

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