By Faridat Salifu
The Green Climate Fund (GCF) has approved a $1 billion funding for 17 new projects in developing countries. This decision, made at the 39th Board Meeting, expands GCF’s portfolio to 270 projects worth approximately $15 billion in 130 countries.
The 39th Board Meeting also saw the accreditation of six new organizations, including three first-time Direct Access Entities (DAEs) from Tajikistan, Nigeria, and Côte d’Ivoire, and the first regional DAE representing Indian Ocean SIDS. This brings the total number of GCF Accredited Entities to 134, including 86 regional or national DAEs.
The latest initiatives include GCF’s first country project in Albania, the first social protection project in Mozambique, and the first project led by a local partner in Bhutan.
Additionally, national entities in Tajikistan, Nigeria, and Côte d’Ivoire will gain access to GCF resources for the first time.
The newly approved projects span a range of climate adaptation and resilience efforts. For instance, Bhutan will implement a climate resilience project through its Bhutan Trust Fund for Environmental Conservation, while Mozambique will link climate adaptation with social protection planning through Save the Children Australia.
GCF also signed Funded Activity Agreements for ten projects immediately following approval, setting a record for quick transitions from approval to disbursement, especially for projects in Bhutan and Malawi.
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Dr. Milagros De Camps German, Co-chair from the Dominican Republic, highlighted the significance of this approval, stating, “With $1 billion approved for new projects, GCF is committed to providing critical financial resources for climate-vulnerable nations.”
GCF’s Board Co-chair Sarah Metcalf from the United Kingdom, emphasized the diverse portfolio of approved projects and the Fund’s ongoing commitment to supporting transformative climate action in developing countries.
GCF Executive Director, Mafalda Duarte, also hailed the milestone as a demonstration of the Fund’s commitment to supporting the highest aspirations of developing countries.
“We have expanded our portfolio to include 270 projects, enabling new partners in Tajikistan, Nigeria, and Côte d’Ivoire to access GCF resources for the first time,” she said.
Additionally, key policies and strategies were considered, including a new partnerships and access strategy and a proposal for financing REDD+ results-based payments.
The 40th GCF Board meeting is scheduled for October 21-24, 2024, in Songdo, Incheon, Republic of Korea.
Meanwhile GCF says it remains the world’s largest dedicated climate fund, fostering a shift towards low-emission, climate-resilient development in developing countries. It supports the UNFCCC and the 2015 Paris Agreement’s goal of keeping the global temperature rise well below 2°C.
