By Abdullahi Lukman
Developing countries are set to benefit from increased access to climate financing following the Green Climate Fund’s (GCF) approval of $1.97 billion for 21 projects and the accreditation of 16 new partner institutions, as the Fund strengthens its support for climate action ahead of its third replenishment cycle.
The decisions were reached at the GCF’s 46th Board meeting, held from October 26 to 29, 2026, at its headquarters in Songdo, South Korea. A significant feature of the approvals is the increased involvement of national and regional institutions, with Direct Access Entities expected to manage 34 per cent of the newly approved funding.
The arrangement is intended to strengthen country ownership and enable developing nations to access and manage climate finance through their own institutions.
The latest approvals represent the largest amount of financing authorised at a single Board meeting and bring the Fund’s total commitments for 2026 to a record $3.3 billion. Its overall portfolio now comprises 379 projects and programmes, with GCF financing commitments of $22.3 billion and combined investments, including contributions from other sources, valued at $87.3 billion.
The Fund said balance sheet efficiency measures introduced at its previous Board meeting had unlocked more than $4 billion in additional investment capacity, supporting the expansion of its financing operations.
The newly approved projects include the first single-country initiatives for Algeria, Cameroon, Moldova and Yemen, with Cameroon receiving two projects. The Board also approved the first direct sovereign loan responding to the Belém Call to Action for the Congo Basin Forests.
In Brazil, two projects developed under the country’s Climate and Ecological Transformation Investment Platform became the first GCF-funded initiatives to emerge from a country platform supported through the Fund’s Readiness Programme.
The accreditation of 16 additional institutions, including nine Direct Access Entities, further expands the Fund’s delivery network. Thirteen of the newly approved organisations are the first institutions accredited under the Revised Accreditation Framework.
The accreditation process recorded an average review period of four months, against the established nine-month service standard. Among the new partners is Maldives Finance and Leasing Company Private Limited, which becomes the Maldives’ first national Direct Access Entity.
Beyond project financing, the Board adopted two contribution policies to broaden funding sources ahead of GCF-3.
The updated Policy for Contributions for GCF-3 introduces greater flexibility for existing and prospective contributors, while the new Policy for Contributions from Other Sources creates opportunities to mobilise funding from non-sovereign and alternative sources.
The Fund also reported progress in improving project delivery, with 13 of the 15 initiatives assessed under its Efficient GCF standard meeting the required benchmarks and recording an average review period of six months.
Meanwhile, the Board unanimously reappointed Mafalda Duarte as Executive Director for a second four-year term, recognising her role in advancing institutional reforms, improving operational efficiency and expanding climate finance mobilisation.
Duarte described the decision as an endorsement of the Fund’s reform agenda, pledging to consolidate the improvements and strengthen its capacity to deliver financing at a larger scale.
Outgoing Board Co-Chairs Leif Holmberg of Sweden and Ambassador Seyni Nafo of Mali also welcomed the outcomes, particularly the increased role of national institutions in managing climate investments.
The GCF currently operates through 193 accredited partner agencies implementing projects in more than 130 countries, including 128 national and regional Direct Access Entities, as developing nations continue to demand more predictable and accessible funding to address climate challenges.
