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.
Iran successfully launched three satellites on Sunday using a Russian Soyuz rocket from Russia’s Far East, marking the latest stage in growing Iran-...
Chinese Foreign Minister Wang Yi hosted Cambodian Foreign Minister Prak Sokhonn and Thai Foreign Minister Sihasak Phuangketkeow in Yunnan province on ...
More than 1,200 people have been newly displaced in Sudan’s South and North Kordofan states due to escalating insecurity, the International Organisa...
U.S. President Donald Trump said on Sunday that negotiations with Ukrainian President Volodymyr Zelenskyy to end the Russia-Ukraine war are “in the ...
Torrential rainfall across southern and eastern Spain over the weekend has left one person dead and two others missing, authorities said on Sunday eve...
China has connected the world’s largest offshore solar power project to its national grid, marking a significant step in the country’s push to expand renewable energy generation.
Emirati investment has become a central element of Azerbaijan’s renewable energy ambitions, prompting fresh focus on whether recent high-level visits were also aimed at accelerating a shift beyond oil and gas.
Azerbaijan is stepping up its renewable energy ambitions with plans to develop eight new solar and wind plants by 2027, backed by $2.8 billion in investment and aimed at exceeding its 2030 climate targets ahead of schedule.
As Russia shifts its energy exports from the West to the East, Europe — until recently a major buyer of Russian oil and gas — is seeking alternative sources of supply.
New York placed the state under emergency measures on Friday as a powerful winter storm brought the heaviest snowfall since 2022, disrupting travel across the north-east of the United States.
A 7.0 magnitude earthquake struck offshore near Taiwan’s north-eastern county of Yilan late on Saturday, shaking buildings across the island, including in the capital Taipei, authorities said.
Brigitte Bardot, the French actress whose barefoot mambo in And God Created Woman propelled her to international fame and reshaped female sexuality on screen, has died at the age of 91, her foundation said on Sunday.
Iran is engaged in a “comprehensive war” with the United States, Israel, and Europe, Iranian President Masoud Pezeshkian stated on Saturday.
Japan’s tourism sector has experienced a slowdown after China’s government advised its citizens to reconsider travel to Japan, following remarks by Prime Minister Sanae Takaichi regarding Taiwan.
Türkiye’s Zero Waste Foundation has released the Zero Waste Encyclopaedia in Turkish and English, ahead of hosting COP31 in 2026, providing a comprehensive resource on global zero waste practices.
Widespread flash flooding and mudflows have hit Southern California after heavy rain, prompting evacuation orders and warnings for motorists to stay off roads, authorities said.
Dense smog has forced authorities in Pakistan’s Punjab province to shut several major motorways on Tuesday (16 December), stranding commuters as visibility dropped sharply and Lahore’s air quality reached hazardous levels.
At least 37 people have been killed in flash floods triggered by torrential rain in Morocco's Atlantic coastal province of Safi, Moroccan authorities said on Monday (15 December).
Climatologists say Poland has logged its warmest December in 74 years, with 2025 continuing a run of above-average temperatures and repeated national records.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment