As the leading contributor per capita to the Green Climate Fund for 2020-23, Monaco has confirmed its commitment to allocate another €3.3 million of state funds until 2027.
As part of the Paris Agreement, the Green Climate Fund is one of the main instruments of international solidarity in the fight against the climate crisis. It aims to support developing countries in their energy transition and their adaptation to the effects of climate change.
Operational since 2015, the Fund has already granted more than $12 billion in support to 216 projects in 128 developing countries, mobilising additional financing of $33 billion, notably from partnerships with the private sector.
These projects have avoided 2.9 billion tonnes of CO2 being released and strengthened the resilience of almost a billion people.
Monaco’s significant contribution continues
Ambassador of Monaco to Germany Lorenzo Ravano represented the Principality at a conference to replenish the Green Climate Fund on 5th October in Bonn, Germany. There, he reaffirmed a commitment of the Prince’s Government to contribute €3.3 million to the Fund for the period 2024-2027.
“Faithful to the commitments made within the framework of the Paris Agreement, Monaco has made the fight against climate change one of the spearheads of its development cooperation policy,” said the government in a statement. “The Principality has supported the Fund since its beginnings and has gradually increased its funding over the years, becoming the leading contributor per capita during the 2020-2023 period.”
The government added: “With this ambitious new commitment, representing an increase of 10% compared to the previous period, Monaco sends a strong signal of confidence in the Fund’s ability to generate a significant climate impact in the most vulnerable countries.”
Monaco now stands alongside major donors such as France, Germany and the United Kingdom who have also renewed their support for the Fund.
Out of the 25 States that announced a contribution during the conference, only three countries – including Monaco – immediately made the promise a reality by signing a contribution agreement.
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Main photo: Lorenzo Ravano and Mafalda Duarte, Executive Director of the Green Climate Fund. Photo source: Monaco Government Communication Department