COP28 Climate Funds Pledge Tracker

Debates about funding are always a major feature of UN climate negotiations.

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

In an effort to help address this, governments meeting as the Conference of the Parties (COPs) to the UN climate convention 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.

At COP28 in Dubai, rich countries are under pressure to rebuild trust with developing countries after the failure to deliver the $100 billion per year goal on time and recent data showing they are off track to doubling adaptation finance from 2019 levels by 2025. One way they can do this is to announce pledges to UN climate funds.

To help keep track of pledges as they come in, we’ve created this tracker for five climate funds created under the UN climate convention. It explains briefly what each fund does and tallies pledges in recent years.

Fund to address loss and damage

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 November 30^th, 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.

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 (links to individual official announcements in table, where available), as of 24 January 2024.

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. 

Going into COP28, the Adaptation Fund has received $1.3 billion in cumulative contributions 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.

* 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; updated on 21 December 2023.

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.

Going into COP28, it has received $2 billion in cumulative contributions from 29 countries.

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 COP28 as of 8 December 2023.

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.

To date, it has received $383 million in cumulative contributions from 16 countries.

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 COP28 as of 8 December 2023.

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 began this year. A pledging conference on 5^th October yielded $9.3 billion in pledges from 25 countries, short of the $10 billion raised in the two previous cycles. A number of major contributors from prior rounds – the U.S., Sweden, Italy, Switzerland and Australia – did not pledge in October but announced they were working on pledges, and are widely expected to announce pledges at COP28. In addition, emerging economies may step up and announce pledges.

Pledges can be found at NRDC’s dedicated GCF Pledge Tracker.