Climate Funds Pledge Tracker

Credit:

NRDC/Joe Thwaites

Last year we launched a pledge tracker at the COP28 UN climate negotiations to keep up with new pledges to UN climate funds. This year, we have updated the tracker and will be tracking pledges that come in during COP29.

Debates about funding are always a major feature of UN climate negotiations. At COP29 finance is center stage as governments negotiate a new climate finance goal for post-2025.

The big injustice of the climate crisis is that the poorest and most vulnerable communities, who have done the least to cause the problem and have least capacity to address it, are hit first and worst by the impacts.

In an effort to help address this, in the UN climate negotiating process governments have created a number of multilateral funds that pool contributions from many contributors and provide dedicated support to help developing countries reduce greenhouse gas emissions and address the impacts of climate change.

We track pledges to five dedicated climate funds created under the UN climate convention. Below we explain briefly what each fund does and tally pledges over recent years.

Adaptation Fund

The Adaptation Fund was created in 2001 and began approving funding for projects in 2009. As the name suggests, it focuses on climate adaptation. All developing countries are eligible for funding, and it pioneered the concept of direct access: allowing developing country institutions to receive funding without having to go through financial intermediaries. It accepts pledges on a rolling basis, but COPs are usually where most pledges are made.

As of the end of 2023, the Adaptation Fund has received $1.7 billion in cumulative pledges from 26 countries. It also receives funding from innovative sources: 2% of the proceeds from carbon trading under the Kyoto Protocol are channeled to the Fund, which has raised an additional $215 million. It can also accept private contributions, including through its website where anyone with a credit card can make a donation.

In 2023 the Fund fell short of its $300 million fundraising target; it has the same target this year, and a key question will be whether donors can hit this goal.

Recent pledges to the Adaptation Fund (millions)

	2021 | COP26	2022 | COP27	2023 | COP28	2024 | COP29
Country	Pledge currency	US dollars	Pledge currency	US dollars	Pledge currency	US dollars	Pledge currency	US dollars
Austria			€5	$4.9	€20	$21.9
Belgium (Brussels Capital Region)	€2.25	$2.6			€2.6	$2.9
Belgium (Flanders)	€3	$3.5
Belgium (Walloon)	€3.80	$4.4	€5	$5.2		$7.3
Canada	CA$10*	$8.1
Canada (Quebec)	CA$10	$8.1	CA$10	$7.3	CA$10	$7.3
Denmark					DKK 100 (multi-year)*	$7.3
European Commission	€100	$116.4
Finland	€7	$8.1
France			€10	$9.9	€10	$10.9
Germany	€50	$58.2	€60	$62.0	€60	$65.7
Iceland	$1.20		$0.4*	$0.4		$0.6
Ireland	€10 (2021-22)	$5.8	€5	$5.4		$6.5
Italy
Japan			$12*	$12.0
Luxembourg					€1	$1.1
New Zealand			NZ$15	$8.7
Norway	NOK 300 (2021-2024)	$8.4	NOK 300 (2021-2024)	$7.2	NOK 300 (2021-2024)	$11.1
Poland
Qatar	$500,000*	$0.5
Republic of Korea			$3*	$0.8		$0.9
Spain	€30	$34.9	€20	$19.9	€20	$21.9
Sweden	$53 (2019-22)	$15.1	$53 (2019-22)	$16.4	SEK230	$22.1
Switzerland	CHF 10 (over 4 years)	$10.9	CHF 10 (over 4 years)	$3.0	CHF 15	$4.2
United Kingdom	£15	$20.6
United States	$50*	$50.0	$50	$50.0
UNFCCC Secretariat			$20	$20.0
TOTAL		$355.6		$233.1		$191.7
Resource mobilization goal		$120.0		None agreed		$300		$300

* Denotes first time pledging to the Adaptation Fund

Sources: Adaptation Fund (2021) Adaptation Fund Raises Record US$ 356 Million in New Pledges at COP26 for its Concrete Actions to Most Vulnerable; Adaptation Fund (2022) Adaptation Fund Receives Nearly US$ 243 Million Mobilized in 2022 for the Most Climate-Vulnerable at COP27 in Egypt; Adaptation Fund (2023) Adaptation Fund Mobilizes Over US$ 192 Million in New Pledges at COP28 for the Most Climate-Vulnerable; pledges at COP29.

Fund for Responding to Loss and Damage (FRLD)

At COP27, governments agreed to create a new fund that would help particularly vulnerable developing countries to address loss and damage arising from climate change. Governments formally established the fund on 30th November 2023, the first day of COP28. Following its adoption, a number of governments immediately stepped forward to make pledges to the new fund.

The fact that pledges came in so quickly when it was established at COP reflects a widely shared desire to get the fund working as soon as possible. In addition to pledges from governments, the fund is also able to accept funding from private entities and innovative sources, so it is possible some philanthropic foundations may announce contributions.

Pledges to the FRLD (millions)

	2023 | COP28	2024 | COP29
Country	Pledge currency	US dollars	Pledge currency	US dollars
Austria			€10	$10.8
Belgium (Wallonia)			€1	$1.1
Canada	CA$16	$11.9
Denmark	DKK 175	$26.2
Estonia	€0.5	$0.6
European Union	€25	$27.9
Finland	€3	$3.4
France	€100	$111.6
Germany	$100	$100.0
Iceland	$0.6	$0.6
Ireland	€25	$27.9
Italy	€100	$111.6
Japan	$10	$10.0
Luxembourg			€8	$8.9
Netherlands	€15	$16.7
Norway	NOK 270	$25.6
Portugal	€5	$5.6
Republic of Korea			$7	$7.0
Slovenia	€1.5	$1.7
Spain	€20	$22.3
United Arab Emirates	$100	$100.0
United Kingdom	£40	$53.5
United States	$17.5	$17.5
TOTAL		$674.4		$28.2

Sources: Compiled by NRDC based on pledges announced at COP28 and compiled by UNFCCC at https://unfccc.int/process-and-meetings/bodies/funds-and-financial-entities/loss-and-damage-fund-joint-interim-secretariat/pledges-to-the-loss-and-damage-fund; pledges at COP29.

Least Developed Countries Fund (LDCF)

Like the Adaptation Fund, the Least Developed Countries Fund was also created in 2001 and has a similarly intuitive name: it provides support for adaptation solely for Least Developed Countries, the 46 poorest countries in the world. It is operated by the Global Environment Facility.

As of end of 2023, it has received $2.2 billion in cumulative contributions from 28 countries.

Recent pledges to the LDCF (millions)

	2021 | COP26	2022 | COP27	2023 | COP28	2024 | COP29
Country	Pledge currency	US dollars	Pledge currency	US dollars	Pledge currency	US dollars	Pledge currency	US dollars
Belgium	€15	$69.6			€27.5	$29.9
Canada	CA$37.5	$30.0
Denmark	DKK 100	$48.0	DKK 150	$21.0
Estonia	€1	$1.2
Finland			€2	$2.1
France	€20	$23.2			€35	$38.1
Germany	€100	$116.0	€9	$9.3	€29	$31.5
Ireland	€2.50	$2.9	€2	$2.1	€2.5	$2.7
Netherlands	€25	$55.1
Norway					NOK 100	$9.3
Slovenia			€0.07	$0.1
Spain					€10	$10.9
Sweden	SEK 130	$30.0	SEK 180	$17.3	SEK 230	$22.1
Switzerland	$9	$9.0	CHF 16 (2023-26)	$16.8
United States	$25	$25.0
Walloon (Belgian region)	€2.70	$3.1	€2	$2.1
TOTAL		$413.1		$70.8		$144.4

Sources: GEF (2021) Joint statement on donors' pledge of $413 million to Least Developed Countries Fund to support climate change adaptation; GEF (2022) Joint statement on donors' pledge of $105.6 million and confirmation of support to the Least Developed Countries Fund and Special Climate Change Fund; GEF (2023) Joint statement on donors' pledge of $174.2 million and confirmation of support to the Least Developed Countries Fund and Special Climate Change Fund; pledges at COP29.

Special Climate Change Fund (SCCF)

The Special Climate Change Fund rounds out the class of funds created in 2001. It has four financing windows: A) adaptation to climate change; B) technology transfer; C) mitigation in selected sectors including energy, transport, industry, agriculture, forestry, and waste management; and D) economic diversification of fossil-fuel-dependent countries. SCCF-C and SCCF-D have received no contributions. Like the LDCF, it is operated by the Global Environment Facility.

As of the end of 2023, it has received $433 million in cumulative contributions from 16 countries.

Recent pledges to the SCCF

	2022 | COP27	2023 | COP28	2024 | COP29
Country	Pledge currency	US dollars	Pledge currency	US dollars	Pledge currency	US dollars
Canada			CA$34.2	$25.3
Denmark	DKK 75 (2023-24)	$10.5
Germany	€10	$10.3
Ireland	€2	$2.1	€2.18	$2.4
Slovenia	€0.07	$0.1
Spain			€2.0	$2.2
Switzerland	CHF 11.5 (2022-26)	$12.1
United Kingdom			£4	$5.1
TOTAL		$35.1		$34.9

Sources: GEF (2022) Joint statement on donors' pledge of $105.6 million and confirmation of support to the Least Developed Countries Fund and Special Climate Change Fund; GEF (2023) Joint statement on donors' pledge of $174.2 million and confirmation of support to the Least Developed Countries Fund and Special Climate Change Fund; pledges at COP29.

Green Climate Fund (GCF)

Created in 2010, the Green Climate Fund is the largest multilateral climate fund in the world dedicated to climate change. It provides both adaptation and mitigation funding to developing countries, and began approving projects in 2015. The GCF operates on four-year replenishment cycles: after an initial capitalization in 2014, its first replenishment took place in 2019, and the second replenishment was in 2023. The GCF raised $12.8 billion in pledges from 33 countries last year towards its second replenishment, well above the $10 billion raised in the two previous cycles. The GCF has received a cumulative total of $33.2 billion in pledges from 48 countries. While 2024 is not a replenishment year, the GCF accepts pledges on a continuous basis and we will keep track of any new pledges announced at COP29 at NRDC's dedicated GCF Pledge Tracker.

Climate Change Sustainable Finance

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