Hungary Donates Funds for Fast-Start Climate Finance

15 April 2011: Hungary has announced it will donate one million Euro to the Least Developed Countries Fund (LDCF) operating under the UNFCCC and managed by the Global Environment Facility (GEF), thus becoming one of the first donors in Central Europe to invest in climate adaptation for least developed countries (LDCs), which are most vulnerable to the adverse impacts of climate change.

As part of the collective commitment by developed countries to provide fast-start climate finance resources approaching US$30 billion for developing countries in the period 2010-2012, the EU undertook at the Copenhagen Climate Change Conference in 2009 to jointly mobilize 7,2 billion Euros in support of climate adaptation, mitigation and related technology transfer. Hungary's contribution is the first part of its pledge to contribute six million Euro, which is to be disbursed in three installments of progressively increasing amounts. [GEF Press Release]