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Climate Finance Bimonthly Newsletter - Issue N°27 - August-October 2014
A SET OF BOLD AND AMBITIOUS COMMITMENTS to climate finance were made during the UN Climate Summit on September 23rd, which gathered around 120 heads of state. Pledges of around US$ 2.3 billion were made to the Green Climate Fund; over 150 supporters endorsed the New York Declaration on Forests, including countries who committed to halving deforestation by 2020 and ending it by 2030; and the Global Investment Coalition on Climate Change announced that it would double investments in climate change to US$ 84 billion by 2015 as well as increase current climate change investment 10-fold between 2016 and 2020. In addition, the multilateral development banks reaffirmed their Rio+20 commitment to deliver US$ 175 billion for sustainable transport projects over 10 years.