On 29 March, Hong-Thuy Paterson, Chief Financial Officer of the Green Climate Fund, paid a visit to the Principality. She was accompanied by Gabriel Boc, Senior Agriculture and Food Security Specialist.
During their visit, the Climate Fund representatives were first received at the Ministry of State by Isabelle Rosabrunetto, Director-General of the Ministry of Foreign Affairs and Cooperation, to discuss the partnership with Monaco, the Fund’s performance and its strategic vision for the period ahead.
A general information session and discussions on the Fund’s activities were then held, attended by representatives from the Department of the Environment, the Department of International Cooperation, the Prince Albert II Foundation, the Oceanographic Institute and MedFund (the fund for marine protected areas).
The Green Climate Fund has been operational since 2015 and is the largest multilateral fund with a mandate to support climate action in developing countries, in accordance with the Paris Agreement goals. Since 2019, the Fund has invested nearly 12 billion dollars in more than 200 projects. Including co-funding from other donors, these projects represent a total value of 45 billion. The projects supported aim to promote low-carbon, climate change resilient development projects in more than a hundred countries, with a particular focus on the least developed countries.
Staying true to the commitments it made under the Paris Agreement, the Prince’s Government has put climate finance at the front and centre of its development cooperation policy and has supported the Green Climate Fund ever since it was created. Monaco is the leading donor per capita for 2020–2023 and intends to continue its support into the future.
As we approach the Fund’s second replenishment in October this year, it has entered into a mature phase and established itself as a key element of the global climate finance architecture. With its experience, it is now well placed to effectively assist the most vulnerable countries in addressing the climate crisis. While the Fund’s financing capacity remains limited compared with the trillions required to make the necessary transition, this unique instrument is called on to play a role as a catalyst, mobilising diversified capital on a large scale.
Source: Monaco Government