GCF

It was established as an operating entity of the financial mechanism of the UNFCCC in 2011 and is expected to be a major channel for climate finance

from developed to developing countries. It has so far been pledged US$10.2 billion by 38 governments. These include some developing countries with small contributions. The highest contribution of US$3 billion has been announced by the USA, followed by Japan (US$1.5 billion), the UK (US$1.2 billion), France (US$1.03 billion) and Germany (US$1.0 billion). The initial resource mobilization period extends from 2015 to 2018. At the 11th GCF board meeting (November 2015), the board approved commitment of US$168 million to eight specific projects, subject to certain conditions being met by the project proponents. The board aims to approve US$2.5 billion in commitments to additional projects in 2016.