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26-11-2014 Cop20 news

COP20: “Climate finance is critical to address the challenge of climate change”

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Renewable Energy Solar Panels in Tokelau. UN Photo/Ariane Rummery

Read the statement from Peru as incoming Presidency of COP20/CMP10 on the results of the pledging session for the initial capitalization of the Green Climate Fund:

As incoming Presidency of COP20/CMP10, Peru welcomes the pledges made for the initial capitalization of the Green Climate Fund, which are of critical importance to build momentum towards successful negotiations to start in a week’s time in Lima. We recognize that climate finance is critical to address the challenge of climate change and are positively encouraged by the steps countries have taken to demonstrate their leadership and confirm their commitment to reach a global climate change agreement in 2015. We strongly call on countries to turn these pledges into contributions as soon as possible.

Much work has gone into the operational design of the Green Climate Fund, especially in the last year, while developing countries have continued building on their national processes to be ready to access these funds. We are confidently encouraged by the Green Climate Fund’s potential to start disbursing funding just next year, which is critical for developing countries to step up their efforts to adapt to the effects of climate change and to help curb their emissions while promoting sustainable development.

The challenge does not end here. We encourage more countries to come forward with contributions and for contributing countries to further raise their ambition – by Lima, right after Lima, and beyond. Only with adequate and predictable public resources, can we turn climate change into an economic opportunity and make the shift to a low-emission and climate-resilient society become a reality.

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