The world’s largest climate fund approved a record volume of climate finance for developing countries, scaling up its efforts in response to growing global demand for climate finance.
The Green Climate Fund plans to release about $1.2 billion for 17 projects mostly in Asia and Africa.
Officials said that projects will bring urgently needed funding for adaptation and mitigation action and include the first single-country GCF projects in Mauritania, Saint Lucia, and Papua New Guinea.
They added that some of the most climate-vulnerable countries in the world will benefit, targeting Least Developed Countries (LDCs), Small Island Developing States (SIDS) and African States.
Expansion
The Green Climate Fund (GCF) has allocated $227 million to support an initiative aimed at expanding green bond markets across 10 countries. These markets enable companies to raise capital for projects that mitigate climate change or contribute positively to the environment.
South Asia
In South Asia, the GCF will invest $200 million in the India Green Finance Facility to accelerate the development of renewable energy and energy efficiency.
East Africa
Meanwhile, in East Africa, it will direct $150 million toward enhancing the food system, aiming to benefit nearly 18 million people.
Portfolio of projects
GCF now has a portfolio of 314 projects amounting to USD $18 billion in GCF resources, USD 67 billion including co-financing.
The 42nd GCF Board meeting was hosted by the Government of Papua New Guinea.
"At a time when collective climate action is more needed than ever, GCF is stepping up to deliver on its mandate. I am also pleased that the Board is moving ahead on regional presence, which will bring GCF much closer to developing countries,” GCF Co-Chair Seyni Nafo said in a statement.
Call for proposals
To strengthen its regional presence, the GCF Board has decided to issue a call for proposals from countries interested in hosting regional offices and an outpost of the Fund. The Board has defined clear criteria, a selection process, and a timeline for evaluating proposals. Submissions from interested countries will be reviewed by the Secretariat, whose recommendations will then be submitted to the Board for consideration.
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UN Secretary-General António Guterres delivered a stark warning at this year's COP31 summit, saying the climate crisis iss advancing faster than governments' efforts to contain it.
European leaders gathered in Dublin on Thursday, 12 November, for the ninth European Political Community (EPC) summit, with security, defence and energy high on the agenda. Azerbaijani President Ilham Aliyev held talks focused on peace, trade and regional cooperation.
Here's your AnewZ Daily Brief for 11 November. Today, we cover Russia-Ukraine peace talks, political tensions in Washington, strikes in Spain, espionage allegations involving Nvidia's CEO, and climate negotiations at COP31 in Türkiye.
Four million workers across Spain joined a general strike on Wednesday over the country’s deepening housing crisis, unions said, bringing disruption to factories, ports, shops and public transport just weeks before a snap general election.
Iran has unveiled a new underground missile and drone base, warning that it will respond forcefully to any attack, as tensions persist with the U.S. and oil tankers continue to be struck by naval mines in the Strait of Hormuz.
Lahore, the capital of Pakistan’s eastern Punjab province, has topped global rankings of the most polluted major cities as hazardous smog continues to blanket the region.
Uzbekistan has showcased its first artificial glacier project at the COP31 climate summit in Antalya, Türkiye, highlighting an innovative way to store winter water for use in warmer months as Central Asia grapples with worsening water shortages.
Uzbek President Shavkat Mirziyoyev has allocated $10 million to reinforce the Afghan banks of the Amu Darya River, where erosion threatens farmland and homes, the Afghanistan Chamber of Commerce and Investment (ACCI) said after talks in Balkh on Tuesday.
Extreme heat is threatening agricultural production and food security in Pakistan's eastern Punjab province, where increasingly frequent and severe heatwaves are disrupting farming, damaging livestock and reducing household incomes.
Global temperatures are projected to rise by up to 2.8°C above pre-industrial levels by 2100 under current climate policies, according to a United Nations report published on 21 October, raising concerns about the world's ability to meet international climate targets.
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