Danish government capital will be used to finance sustainable development in some of the world's poorest countries.
The Danish government is prepared to inject DKK 450 million (EUR 60.4 million) into the Global Environment Facility (GEF) in order to bolster efforts to mitigate climate change, reported EnergyWatch.
“The GEF is an important instrument in the efforts to mitigate climate change and other global environmental challenges, e.g. plastic pollution in the world’s oceans,” said the Danish Minister for Development Cooperation Ulla Tørnæs (Liberal Party) in a statement issued by the Danish Ministry of Foreign Affairs.
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The GEF was established a the 1992 Rio Earth Summit to help tackle the most pressing environmental problems. Since then, the GEF has provided over $17.9 billion in grants and mobilised an additional $93.2 billion in co-financing for more than 4,500 projects in 170 countries. Today, the GEF is an international partnership of 183 countries, international institutions, civil society organisations and the private sector that addresses global environmental issues.
The Danish government’s investment in the GEF is earmarked for some of the world’s poorest countries, which will merit heightened focus in upcoming years.
“Women in developing countries are often hit hardest for by situations such as climate change, as they have fewer means to deal with flooding, droughts, temperature increases, and, not least of all, they lack influence on climate and environmental legislation. It is therefore crucial that gender and equality be integrated systematically from the onset until the end of the projects and that womens’ life conditions are improved through environmental and climate-related projects,” said Tørnæs in the statement.
In 2014, Denmark invested EUR 58 million in the GEF.