Last week, the United Nations' (U.N.’s) primary fund aimed at assisting vulnerable countries in dealing with climate change, known as the Green Climate Fund, revealed that it had gathered $9.3 billion, falling short of its $10 billion target (Reuters). This was the topic of a climate conference held in the German city of Bonn last Thursday. Government representatives from forty countries gathered to discuss climate financing ahead of the U.N.’s COP28 in November. 

A particular focus of the conference was the expected contributions to the Green Climate Fund from developed nations. Germany, Britain, France, and Japan are currently the largest backers of the U.N. fund, but there is growing recognition that other countries, such as the Gulf States and China, should also play a role in providing climate finance (Reuters). Three-quarters of the contributing States increased their pledges, compared to the previous donor conference in 2019. However, there were no mentions of pledges from the United States (AP). 

Despite these efforts, the climate finance situation remains complex. It is expected to play a major role in talks at the upcoming COP28, with countries looking to establish a new international fund that supports vulnerable nations affected by climate change (Reuters). According to Sultan Al Jaber, president designate of the COP28, the “the current level of replenishment is neither ambitious nor adequate to meet the challenge the world faces” (AP). Madeleine Diouf Sarr, chair of the Least Developed Countries group in UN climate negotiations, further highlighted that “we are still waiting for delivery of the $100 billion per year promise of climate finance. . . An empty loss and damage fund won’t do anything for our people” (Reuters).