The Green Climate Fund (GCF) has said that its total 2025 commitments to climate projects have reached $3.26 billion, the largest annual allocation in its history.
The GCF approved $1.332 billion in funding for 22 climate projects last week, the largest amount ever pledged at a GCF board meeting. This brings the year-to-date total ahead of the previous record of $2.9 billion, which was set in 2021.
The approvals increase GCF’s active portfolio to 336 projects, backed by $19.3 billion in Fund resources and around $78.7 billion in expected co-financing.
Record annual portfolio
“I am delighted that in our tenth year of programming, the Board has approved a record annual portfolio demonstrating its commitment to accelerating climate action,” commented GCF co-chair Leif Holmberg.
“This achievement reflects how the Fund is delivering on its major reform agenda to increase access to finance and results for climate action. Several of the approved projects will mobilise substantial private sector finance, providing clear evidence of GCF’s ability to catalyse additional resources in an era that requires more creative approaches to climate finance.”
The funding will support projects in some of the world’s most climate-vulnerable nations, mainly targeting Least Developed Countries (LDCs), Small Island Developing States (SIDS) and African States, and will include renewable energy, reforestation and land-use, and energy efficiency projects.
Fellow co-chair Seyni Nafo added that the 22 approved projects brings the total number approved this year to 50, which “clearly signals the Fund’s continued commitment to extend its support to the most vulnerable”.
‘Climate partner of choice’
Elsewhere, executive director Mafalda Duarte praised what was a “record-breaking year” for the GCF.
“Delivering over $3 billion in climate finance demonstrates that the reforms we have made are putting us on track to be the climate partner of choice for developing countries,” she noted. “This significant milestone generates much-needed momentum on climate action as we head towards COP30 in Belém, Brazil. Appropriately, two of the B.43 projects focus on the Amazon, with approved GCF financing of more than $220 million and unlocking more than $700 million with our partners.”
She cited the Jordan Aqaba-Amman Water Desalination and Conveyance Project as an example of a successful large-scale collaboration project the GCF is playing an important role in. Read more here.
