By Faridat Salifu
The Green Climate Fund’s 37th meeting in Tbilisi, Georgia concluded with significant outcomes for climate action. Over the course of three days from October 23 to 25, 2023, the Board approved 15 proposals amounting to $736.4 million to support new climate projects in developing countries.
Additionally, over $736 million in new investments have been approved to support vulnerable communities, opening doors for partnerships with new Accredited Entities.
This accomplishment further underscores the GCF’s dedication to supporting and empowering countries in need.
When considering co-financing, the total funding for 2023 amounts to $2.1billion from GCF resources and $9.0billion overall.
This, according to stakeholders, is a major step towards addressing climate change and promoting sustainable development projects in developing countries.
Additionally, the GCF Board approved the accreditation of three new organizations, including two Direct Access Entities: SK Securities from the Republic of Korea, Federated States of Micronesia Development Bank (FSMDB) from Micronesia, and CARICOM Development Fund (CDF) from Barbados.
Also, the Foreign Environmental Cooperation Centre of China and the Food and Agriculture Organisation of the United Nations, have been re-accredited. Now we have a total of 121 Accredited Entities, with 77 being regional or national Direct Access Entities.
With the approval, GCF’s overall portfolio now stands at an impressive $13.5 billion in funding, covering a wide range of 243 projects in developing nations.
These projects are aimed at addressing climate change, promoting sustainable development, and fostering resilience in vulnerable communities.
Related Posts
The GCF’s efforts in mobilizing substantial financial resources and collaborating with partners have also resulted in a total value, including co-financing, of $51.8 billion.
This extensive financial backing will enable the implementation of impactful projects worldwide and drive climate action by working with local organizations deeply rooted in the communities they serve.
Co-chair of the GCF Board, Nauman Bashir Bhatti, while speaking, expressed his delight at the unanimous approval of the proposals submitted for scrutiny during the recent Board meeting.
He said: “The Board’s support for my 50by30 vision shows their commitment to a more efficient and impactful GCF. Out of the 15 new funding proposals, 12 are focused on the most vulnerable countries like LDCs, SIDS, and African States. There are eight proposals for adaptation, one for mitigation, and eight that cover multiple areas.
“After their approval, project agreements were promptly signed for six projects, highlighting the sense of urgency from GCF and our partners to implement on the ground.
“The Board has also adopted a revised strategy for the Readiness and Preparatory Support Programme, allocating $500 million for capacity building and enhancing the Project Preparation Facility.
“They also received an update on GCF’s second replenishment process and urged countries to pledge funds for COP28.
“The updated strategy of the Readiness and Preparatory Support Programme addresses the changing climate priorities and needs of developing countries. It aligns with GCF’s revised strategic plan and aims to enhance impact, efficiency, and effectiveness.
“The GCF Secretariat and independent units provided updates on their activities, including the status of GCF resources and a report from the Independent Evaluation Unit on the Readiness and Preparatory Support Programme.”
Meanwhile, the meeting marked the end of the terms for Co-chairs Nauman Bashir Bhatti and Victoria Gunderson.
The Board members expressed gratitude for their leadership and welcomed Milagros de Camp German and Sarah Metcalf as the newly appointed Co-chairs. The 38th GCF Board meeting is scheduled to take place in Kigali, Rwanda from March 4 to 7, 2024.
