The GCF reaches effectiveness: a key milestone towards an ambitious legally binding climate deal in Paris

With the signature by the Government of Japan to its contribution agreement with the Green Climate Fund (GCF) now almost 60 percent of the pledges made to the Fund at its first pledging conference in November 2014 are secured through legally binding contribution agreements. Crossing the threshold of 50 percent of the pledges covered by these agreements gives the GCF Board the authority to start allocating funding to concrete project and programme proposals. This is a major milestone in the evolution of the Fund and successfully completes a four-year design phase that has shaped the operational policies and procedures of the GCF.