The Norwegian Government has signed an agreement to provide funding worth NOK3.2 billion (£0.27bn) for the UN-backed Green Climate Fund (GCF).
Norway is doubling its funding to NOK800 million (£67m) a year to support projects in developing countries that will reduce greenhouse gas emissions and adapt to the negative effects of climate change, such as rising sea levels, prolonged droughts and more frequent and severe weather events.
It has chosen to make the GCF the primary channel for Norwegian funding for climate-related efforts in developing countries in the years ahead.
Dag-Inge Ulstein, Minister of International Development said: “Climate change is the most important issue of our time. We have to cut emissions and quickly. In addition, we must ensure that countries adapt to the impacts of climate change that is already happening, and we must limit the devastating consequences of climate-related natural disasters. We must not close our eyes to the fact that climate change is already destroying crops and forcing millions of people from their homes.
“The Green Climate Fund has delivered good results in developing countries. That is why we are now increasing our support to the Fund from NOK400 million to NOK800 million a year.”
The GCF has so far supported 124 projects, providing funding totalling $5.6 billion (£4.3bn), which in turn has triggered $20.6 billion (£15.7bn) in investments.
The projects are expected to avoid 1.6 billion tonnes of CO2 equivalent of greenhouse gas emissions.