France will increase the amount of climate finance it channels to developing countries to €5 billion per year from 2020, up from €3 billion currently, French President Francois Hollande said on Monday, as his government prepares to host this year’s UN climate summit in Paris.
Hollande made the announcement at the UN General Assembly in New York, following similar pledges made by China and the UK over the past few days.
Developed nations have agreed to provide $100 billion per year in climate funding from 2020.
UN climate chief Christiana Figueres expects donor governments to collectively outline their financial contribution plans – a key element of getting poorer nations to the table in Paris – at a meeting of finance ministers in Lima on Oct. 9.
The session is also expected to make headway on globally-agreed definitions of climate finance, including the publication of work by the OECD and Climate Policy Initiative using standards agreed by donor nations.
The developing world is keen to get more guarantees of how cash disbursals will scale up from current public levels at around a fifth of the ultimate goal, and greater transparency on whether the cash is additional, loan-based, includes ways of ensuring environment benefits and is public or private money.
Germany in May said it would double the amount of climate finance it channels in an effort to build trust towards striking a global climate pact in Paris in December.