Spain increases its contribution to 150 million in the period 2019-2023, which represents an increase of 25% on the amount initially committed, which illustrates – said the Minister of Economy and Business – "the important commitment of Spain in financing of climate change in developing countries. " Spain is positioned as one of the main contributors and is part of the group of countries that lead the climate agenda.
The Green Climate Fund, of which Spain has been a part since its creation in 2010, is the main financial instrument of the Climate Change Framework Conference and, as Minister Nadia Calviño has pointed out, "it is called to be a fundamental piece to channel the funds from developed countries to transformative climate projects in developing countries, leading a climate paradigm shift. "
The funds will be used to finance investment projects in developing economies with a double objective: on the one hand, to mitigate the effects of climate change by reducing greenhouse gas emissions and, on the other, helping these countries to adapt to climate change Nadia Calviño has shown her confidence in the "good governance of the Green Fund in favor of a global sustainable development model and greater climate ambition to meet the objectives of the 2030 Agenda".
Since the creation of the Fund, 124 projects amounting to US $ 5.6 billion have been approved. The funded projects have benefited 348 million people worldwide and have reduced up to 1.6 billion tons of CO2 emissions.