The following is a transcript of a speech delivered by UN Climate Change Executive Secretary Simon Stiell at a COP28 Green Climate Fund event on “Scaling up Access and Impact”.

Dear Mafalda,

Distinguished guests,

Ladies and gentlemen, 

It is a great pleasure to be here at this event to celebrate the Green Climate Fund and to learn about its vision for the coming years. 

Let me make something clear right from the start: The simple idea behind the Green Climate Fund is among the best, critical ideas we have had in the fight against climate change. Finance is the great enabler of climate action. 

Providing grant funding for developing countries can get both mitigation and adaptation projects off the ground. 

It builds momentum. 

It leverages grant funding to multiply its impact.

It helps developing countries build ambition into their Nationally Determined Contributions and their National Adaptation Plans. 

One example of its catalytic effect is its investment of more than $250m to anchor the Infrastructure Climate Resilient Fund. 

If it reaches its potential it can benefit up to 144 million people with reliable, resilient, and clean infrastructure across Africa.

Of course, the GCF needs to learn, to improve, to evolve. 

Building and running a fund that provides funding to dozens of different sectors as varied as agriculture, water infrastructure, power, or erosion protection is very complex. 

But we need to assist, nurture, and promote the Green Climate Fund. We all need to assist it in raising more funding. 

I am delighted about the latest pledges announced here at COP28. It has brought the total replenishment pledges to 12.5 billion dollars. 

But the Fund is still nowhere near being at a size proportional to the high-quality demand coming from developing countries. 

That means a wider pool of contributors. For too long we’ve relied on a small group of countries to provide the bulk of funding. 

More countries should see it in their interest to contribute. It will be a contribution to our shared future. To our shared prosperity. 

We need to get away from the notion that funding for developing countries is “charity”, or “development aid”. 

As long as we think of climate funding this way, it remains vulnerable.  It can be cut as soon as domestic political considerations dictate it. 

Instead, we need to see investing in climate mitigation and adaptation everywhere as enlightened self-interest. 

Climate change does not care about north or south and neither should we. We are in the same leaking boat, and those who have several life jackets must provide some to the others. 

Next year, parties have to agree on a new financial goal. A new finance goal that will help the Green Climate Fund grow. 

Mafalda’s vision of making this a 50-billion-dollar fund by 2030 will drive momentum. 

It will help us move from trickles to torrents of finance for the developing world. 

But it works both ways. New funding commitments are easier to secure when there are trusted instruments to channel that funding through efficiently and rapidly. 

The Green Climate Fund's efforts to reform. Improving its funding procedures and aligning with other funds can increase credibility.  

Colleagues, 

At COP28, we take stock of where we are and what we’ve achieved since signing the Paris Agreement eight years ago and set the course for the coming years. 

We know that this course must be a significant shift from where we are heading. 

Here I acknowledge the important work of Mia Mottley, the Prime Minister of Barbados, who has spearheaded efforts to lower the cost of capital for developing countries. 

Without wider changes across multilateral development banks, central banks, regulators, and private sector intermediaries the investments the Green Climate Fund makes will not reach their true potential. 

The recent creation and pledges for the Loss and Damage Fund show us what we can achieve when we work together. When we break down barriers, build bridges and forge compromises. We can enable climate action. 

I thank you.