WBG/IMF meetings in Peru help raise extra funding to fight climate change

Participants to the annual meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) have helped secured an extra funding of 15 billion U.S. dollars for the United Nations-sponsored Green Climate Fund (GCF).

The world's financial policymakers gathered at the three-day annual WBG/IMF meetings, which wrapped up Sunday in Lima, discussing a wide range of concerns, including securing the financing needed to effectively counter the effects of global warming.

Peruvian Economy and Finance Minister Alonso Segura said Monday the additional funding will help bolster the upcoming 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change, to be held in Paris of France Nov.30 to Dec.11.

Peru initially proposed the push to raise more money for the fund in the lead up to the Paris conference, during the COP20, hosted by Lima, capital of Peru, in December, said Segura.

The extra funding of 15 billion dollars was pledged by development banks such as the World Bank, European Investment Bank, and Asian Development Bank.

The fund, designed to help developing countries combat climate change, now has 77 billion dollars for the task, but the international community is aiming for 100 billion dollars by 2020, said Segura, adding it's likely they will meet the goal over the next five years.

According to the GCF website, 50 percent of the fund's "adaptation funding" is earmarked for small island developing states (SIDS), the least developed countries (LDCs) and African states. Endit