Norway said Friday it would increase its contribution to the United Nations' Green Climate Fund, created to help poor countries cut greenhouse gas emissions and prepare for climate change. The Nordic nation pledged 1.6 billion kroner ($258 million) over the next four years.

Norway had previously announced a $33-million contribution during a UN climate summit in New York last September.
"With this announcement, the total amount pledged to the fund has now reached the equivalent of $9.95 billion," the Norwegian foreign ministry said in a statement.

"Thanks to this increase in Norway's contribution, the goal of $10 billion is now within reach."

"Rich countries must provide the greatest share of the funding, but all countries that have the economic capacity should contribute," Norwegian Climate and Environment Minister Tine Sundtoft said in the statement. Recipient countries have a particular responsibility for providing conditions that attract climate investments."

Also on Friday, the UN revealed in a report that developing countries may need as much as $250-500 billion per year by 2050 to deal with the consequences of climate change.

The estimated costs for adaptation are several times higher than in previous forecasts, according to the United nations environmental Programme (UNEP), which warned of a "significant funding gap after 2020".

"Adaptation costs could climb as high as $150 billion by 2025/2030 and $250-250 billion per year by 2050," the report said.

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Photo: Innovation Norway