Many observers are worried that five years after the promise made by developed countries to contribute a substantial amount to climate fund to help the poorer countries, they have not lived to their promise. At the 2009 Climate talks in Copenhagen, Denmark the world's richest countries say that they will contribute $100 billion a year to a Green Climate Fund to help poorer countries reduce emissions and adapt to the effects of climate change. So far, only $7.5 million has been contributed to the fund's coffers. The $100 billion which they agreed to contribute is a paltry amount in comparison to the$500 billion that the world's developed countries spend each year on fossil fuel subsidies. The Green Climate Fund is only the beginning of needed investment to mitigate climate change in developing countries .
Beyond assistance in curbing emissions and adapting to climate change, developing countries also deserve compensation for the havoc that global warming is already causing on their shores like the recent devastating typhoon in the Philippines. That is why Pan African Climate Justice Alliance (PACJA) a coalition of civil society group in Africa is now calling for rich countries that have benefited from industrialization to pay reparations to such countries where residents are suffering from floods, droughts and other climate injustices. That is why the recent announcement by German Chancellor, Angela Merkel that Germany will pay 750 million Euro into the new Green Climate Fund (GCF) come as cheering news to stakeholders. Merkel made the promise at the Petersberg Climate Dialogue, a regular conference which the German government invites ministers from around 35 countries every year to discuss international climate protection.
The fifth climate dialogue which took place in Berlin between July 14th to 15th this year focused on structures for a future agreement as well as the commitments foreseen for countries. With the announcement, Germany is undertaking the first step for proper capitalization of the Green Climate Fund. The GCF is supposed to finance climate change mitigation and adaptation in developing countries to a much larger extent than other funds. Since its establishment at the UN climate conference in 2010, the GCF Board is working on the proper concrete arrangement for its funding.