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Climate Fund lists $500m projects

Developing countries could start receiving cash from the U.N.-supported Green Climate Fund by December, ahead of the climate summit in Paris.

Writing from New York on the website RTCC (Responding to Climate Change), Megan Darby says the fund has received 120 requests for cash totalling US$6 billion. Of these, $500m-worth "look promising", according to Héla Cheikhrouhou, the Korean-based initiative's executive director.

She said the fund was aiming to clear the first projects cleared before December's climate summit.

Industrialized nations have pledged $100 billion a year by 2020 but a drive last year raised only $10.2 billion from 34 countries.

Departure in cash payout

In a departure from the past, the fund is to split cash equally between carbon-cutting development and measures to protect the poor from the impacts of climate change. A World Bank study published on 16 June said only 18% of US$28 billion spent in 2014 went to protect the vulnerable from flood, drought and sea level rise.

Switzerland was the first country to formally announce its commitment to the U.N. climate hange deal at the end of February 2015: 50% cuts in 1990 greenhouse gas levels by 2030 and 70-85% by 2050.

However, RTCC quoted Jürg Staudenmann, a climate advisor to the Alliance Sud NGO, described the Swiss effort as "disappointing": "There is no word about climate finance and support for developing countries. "Switzerland has a responsibility and capacity to support developing countries."

The European Commission proposes 40% carbon cuts on 1990 levels by 2030 for the EU.

The fund itself estimates total investment needs at about $450 billion a year from 2020, split between $350 billion to curb greenhouse gas emissions and $100 billion to adapt to changes.

Source

GCF 14 July 2015: Executive Director's statement

RTCC 30 June 2015: Green Climate Fund shortlists projects worth $500m

RTCC 3 February 2015: Obama pledges $500m for Green Climate Fund in 2016 budget

RTCC 27 February 2015: Switzerland issues pledge for UN climate change pact

RTCC 16 June 2015: Funds lacking to help poor tackle climate impacts, says World Bank