Monaco reaffirms its support to the Green Climate Fund

Green Climate Fund

Ms Isabelle BERRO-AMADEÏ, Minister of Foreign Affairs and Cooperation, announced today a contribution of EUR 3.3 million to the Green Climate Fund as part of its second replenishment for 2024-2027.

The Green Climate Fund is the largest multilateral fund dedicated to building climate resilience and supporting energy transition in developing countries.

In line with the commitments made under the Paris Agreement, Monaco has institutionalized the fight against climate change as a cornerstone of its development cooperation policy. The Principality has been supporting the Fund since its inception in 2015 and progressively ramped up its support over the years, becoming the highest per capita contributor during the period 2020-2023.

This announcement follows the recent visit to Monaco of the Fund’s Financial Director, Ms Hong-Thuy PATERSON and intervenes ahead of the official Pledging Conference scheduled on 5 October in Bonn (Germany).

With this ambitious new commitment, representing a 10% increase compared to the previous period, Monaco sends a strong signal of confidence in the fund’s ability to deliver transformative climate impact in the most vulnerable countries.

As we approach the first global stocktake of the Paris Agreement planned for COP28 in Dubai later this year, this contribution also reflects the hope that the Green Climate Fund will be able to play a catalytic role in mobilizing large-scale financing from diversified sources to support the achievement of the Paris Agreement goals.

GCF Executive Director ad interim Henry Gonzalez said: “The Green Climate Fund welcomes Monaco’s contribution to GCF, affirming its commitment to climate finance and its trust in GCF to spur global climate action. We appreciate Monaco’s increased contribution, which signals the level of ambition and momentum for other nations to follow as their contributions are critical for GCF to continue its work of supporting the world’s most climate vulnerable.”