The fund is now being launched, since it was decided at COP28 last year that it would be established. It is under the Climate Convention and the Paris Agreement.
"Sweden is already a major donor to similar initiatives and therefore we now want to contribute to the development of the new fund into an effective complement", says Minister for Development Cooperation and Foreign Trade Benjamin Dousa (M) according to the press release.
So far, 23 other countries have also announced that they will donate money to the fund.
"Sweden has a strong commitment to increasing the pace of global climate work. ... We will closely follow up to ensure that the money is put to good use", says Minister for Climate and Environment Romina Pourmokhtari (L) according to the press release.
The climate summit COP29 is currently underway in Baku, Azerbaijan.
