By Faridat Salifu
The Green Climate Fund (GCF), has approved 11 climate projects amounting to $489.8 million in GCF resources, totaling $1.26 billion with co-financing.
The approval was made at the 38th Board meeting of the GCF, which was hosted by Rwanda recently. The Board meeting focused on climate action in developing countries.
It brings the GCF’s total portfolio to $13.9 billion, managing assets worth $53 billion.
It was gathered that the projects aim to support vulnerable countries in adapting to climate change, with a particular focus on Small Island Developing States (SIDS), Least Developed Countries (LDCs), and African States.
Notable projects include the Acumen Climate Action Pakistan Fund, which is Pakistan’s first woman-led adaptation-focused fund, and a project in the Cook Islands focusing on climate and health.
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GCF Executive Director, Mafalda Duarte, commended the Board’s leadership for approving a record number of initiatives led by developers from the Global South.
Moreover, eight new organisations were accredited, including sub-national and national entities from various countries.
Discussions during the meeting also touched on establishing a regional GCF presence and financing results-based payment for REDD+ initiatives.
The newly appointed Co-chairs, Milagros De Camps German and Sarah Metcalf, led the meeting, with a visit to the Green Gicumbi project in Rwanda demonstrating community efforts to enhance climate resilience.
Looking ahead, the 39th Board meeting is scheduled to take place in Incheon, Republic of Korea, from July 15 to 18, 2024.
It was reported that the meeting opened with a tribute to the late GGF Board member, Daniel Machado da Fonseca from Brazil.
