SEK 500 million to Green Climate Fund brought forward
Increased access to renewable energy through development cooperation is crucial, both for reduced climate impact and the transition to a climate-smart society, and also for sustainable economic development. Through an amendment to appropriation directions, the Government is investing in greater speed and quality in climate efforts.
“The world needs major investments for a green transition and faster and larger initiatives to address the climate threat. The Swedish Government is contributing by providing additional funds to the Green Climate Fund, and making investments in renewable energy and flood defences in vulnerable development assistance countries,” says Minister for International Development Cooperation Peter Eriksson.
In its initiative in climate efforts, the Government is choosing, among other things, to bring forward outstanding payments to the Green Climate Fund (GCF). The fund is crucial for the financing of developing countries’ commitments under the Paris Agreement and of climate change adaptation measures and emission restrictions in developing countries.
The increased climate aid will be used for the following initiatives:
• SEK 500 million in outstanding payments to the GCF will be brought forward. In 2019, a total of SEK 1 060 million will thus be provided to the GCF. Among other things, this means investments in renewable energy projects such as large-scale solar cell plants or investments in geothermal energy, as well as energy efficiency initiatives. Climate change adaptation measures involve such initiatives as flood defences and investments in meteorological weather and warning systems.
• SEK 340 million will be provided to the Swedish International Development Cooperation Agency (Sida) with the aim of strengthening efforts within the environmental and climate change area in Africa, Asia, Latin America, Eastern Europe, the Western Balkans and Turkey. This investment is expected to strengthen the countries’ capacity and ability to implement national commitments under the Paris Agreement.