Continued Swedish leadership for climate action
On Sunday 22 September, Minister for International Development Cooperation Peter Eriksson presented new contributions to the Green Climate Fund (GCF), the Adaptation Fund (AF) and the Least Developed Countries Fund (LDCF). The contribution to the GCF amounts to SEK 8 billion for the period 2020–2023. Contributions to the AF and the LDCF total
SEK 1 040 million for the period 2019–2022, amounting to SEK 520 million per fund.
Sweden is the world’s largest per capita donor to the climate funds. Swedish public climate finance amounted to SEK 6.2 billion in 2018, of which SEK 4.3 billion was channelled through Sida.
While Sweden is proud to stand by commitments to provide public finance to developing countries’ efforts to meet the challenge of climate change, accelerated action is needed to align global financial flows with the goals of the Paris Agreement. As a first step, climate action needs to be firmly anchored in national budget and planning processes – both to ensure financing through national budgets and consistency between climate action and national implementation of the 2030 Agenda. At the same time, national budgets are simply not big enough to finance the costs of the transition and implementation of the Paris Agreement. Therefore, regulatory frameworks need to facilitate national resource mobilisation for climate action. Financing climate action should be part of resource mobilisation efforts within the Addis Ababa Action Agenda for development finance. The interlinkages between the SDGs, the AAAA and the Paris Agreement need to be applied both globally and at national level for the multilateral spirit of 2015 to truly live on.
Science gives us ten years to halve the world’s emissions. Sweden proudly contributes with policy, financing and innovative technology to support the transition to climate-smart communities and an ambitious implementation of the Paris Agreement.