The Green Climate Fund (GCF) has approved $686.8 million in climate investment in 11 projects across 42 countries, which collectively will mitigate 45.3 million metric tonnes of CO₂ emissions.
At its board meeting this week, the GCF announced first-time single-country investments in Serbia and Togo, the former to enhance forest resilience and the latter related to ensuring the climate resilience of vulnerable communities.
Elsewhere, the GCF, which has its headquarters in Korea, announced plans to establish a regional presence in order to bring it closer to the developing countries it serves.
Altogether, the projects being supported by the latest tranche of investment will provide direct support to 115.5 million people, the fund noted.
‘Urgently needed’
“The 11 new projects agreed at this Board will bring urgently needed climate finance to support developing countries,” commented Seyni Nafo, GCF co-chair, Seyni Nafo. “It is particularly gratifying to see that we are broadening our impact, by bringing first-time projects to Togo and Serbia.
“I am also encouraged to see that we have approved five new direct access entities, reinforcing GCF’s commitment to country ownership and delivering effective climate action at the local level. Six of the approved Funding Proposals will move straight to implementation with immediate project agreement signings, showing that the GCF is responding to the urgent need for action on the ground.”
With the latest project approvals, the GCF’s overall portfolio now encompasses 297 projects, with total funding of $16.6 billion, and $62.7 billion with co-financing.
Of the newly-approved projects, 38% of the investment allocation went to projects in Africa, 32% for Latin America and the Caribbean, 27% for Asia Pacific, and 3% for Eastern Europe, Central Asia, and the Middle East. Of the total adaptation funding, 63% will be directed to Least Developed Countries, Small Island Developing States, and African nations.
Support for key regions
Commenting on the group’s decision to develop a regional presence, Mafalda Duarte, GCF executive director, said, “If climate action is local action—which it is—then the Green Climate Fund needs to be local too. Not only as a source of finance but as a partner working on the ground.
“I’m pleased that the Fund has taken a historic step in establishing a presence in key regions, bringing our world-class specialists closer to those who will benefit most from their support. This decision strengthens our ability to deliver on the more than $680 million in new climate action commitments announced at this board meeting, pushing our total portfolio towards $17 billion across 133 countries.” Read more here.
