The UN Green Climate Fund has met with key environmental players in Monaco, including the Prince Albert II Foundation and the Oceanographic Institute.
On 29th March, Hong-Thuy Paterson, Financial Director of the Green Climate Fund, paid a visit to the Principality alongside Gabriel Boc, Specialist in Agriculture and Food Security.
The representatives were first received at the Ministry of State by Isabelle Rosabrunetto, Director General of the Department of External Relations and Cooperation, to discuss Monaco’s partnership, the results of the Fund and its strategic vision for the coming period.
Key environmental players in the Principality then gathered for a deeper discussion on the Green Climate Fund. They included the Prince Albert II of Monaco Foundation, the Oceanographic Institute, Marine Protected Areas Fund, and the MedFund.
The Green Climate Fund, created in 2015, is the largest multilateral fund mandated to support climate action in developing countries, in line with the objectives of the Paris Agreement.
Since 2019, the Fund has invested nearly $12 billion in more than 200 projects. With co-financing from other donors, they represent a total value of $45 billion. The projects supported aim to promote low-carbon development that is resilient to climate change in more than one hundred countries, with particular attention paid to the least developed countries.
“Faithful to the commitments made under the Paris Agreement, the Prince’s Government has made climate financing one of the spearheads of its development cooperation policy and has supported the Green Climate Fund since its creation,” said the government in a statement. “Monaco is the leading donor per capita over the 2020-2023 period and intends to continue its support in the future.”
The Fund has entered a mature phase and established itself as an essential element of the global climate finance architecture. Drawing on its experience, it is now well positioned to effectively help the most vulnerable countries to deal with the climate crisis.
“While the Fund’s financing capacity remains limited in view of the trillions needed to achieve the required transition, this unique instrument is called upon to play a catalytic role with a view to mobilising diversified capital on a large scale,” concluded the Monaco government.
Photo source: Government Communication Department