Climate fund receives $9.3bn pledge
The Green Climate Fund was to have held at least $10bn by the end of 2014, so the pledge is just shy of the target. The South Korea-based fund aims to help nations invest in clean energy and green technology. It is also designed to help them build up defences against rising seas and worsening storms, floods and droughts.
Rich nations previously vowed that by 2020, developing countries would get $100bn (£64bn) a year from such a fund. The US had already pledged $3bn and Japan $1.5bn. The UK, Germany and France have promised about $1bn each, and Sweden more than $500m million. Smaller amounts were offered by countries including Switzerland, South Korea, the Netherlands, Denmark, Norway, Mexico, Luxembourg and the Czech Republic.
After co-hosting the donors' conference, German Environment Minister Gerd Mueller hailed the achievement, saying humanity must fight climate change so "it doesn't go the way of the dinosaurs". Hela Cheikhrouhou, the fund's executive director, described the pledges as "game-changing", and said the money would be spent equally on climate change adaptation and mitigation, especially for the most vulnerable nations.