"We know that many billions are required over the next few years to fill the gap in climate finance, but the money pledged today is vital to help some of the most vulnerable people on the planet cope with the immediate impacts of our rapidly warming world," GEF chief executive Naoko Ishii said.
The $248 million, contributed by EU members, the United States and Canada, are aimed to address existing requests for investment and development support, as well as "new approaches to agriculture to national adaptation planning and building resilience against climate change variability and disasters."
The pledge comes ahead of a breakthrough deal for the reduction of global temperatures by 2 degrees Celsius (3.6 Fahrenheit) over the next decades, expected at the United Nations Climate Conference currently underway in Paris.
A $500-million initiative to cut carbon emissions by developing countries was announced earlier on Monday by the World Bank, Germany, Norway, Sweden and Switzerland.
Established in 1991, the GEF unites 183 countries in addressing environmental issues, including climate change and biodiversity. The international partnership has provided $12.5 billion in grants and $58 billion in co-financing for environmental projects.
