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.
A known Islamist suspected of driving a minivan into a crowd near a major LGBTQ Pride gathering in Berlin was shot dead during a police operation at a...
Iran will halt its own attacks as long as the United States maintains its pause on strikes, but Tehran remains sceptical of U.S. intentions, a senior ...
Britain's new Prime Minister Andy Burnham "will always put Britain's interests first", he told the BBC in an interview when asked whether he was willi...
Russian authorities said 11 people, including four children, had been killed by Ukraine in an overnight attack on a holiday camp, accusing Kyiv on Saturday of deliberately targeting civilians.
The U.S. military said it completed a fresh wave of strikes on Iran late on Thursday, marking the 13th consecutive night of American attacks. The latest operation lasted more than two hours, according to U.S. Central Command.
Iran will halt its own attacks as long as the United States maintains its pause on strikes, but Tehran remains sceptical of U.S. intentions, a senior Iranian source told on Sunday.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 25th of July, covering the latest developments you need to know.
Italian Defence Minister Guido Crosetto recently offered the dismissed Ukraine’s Defence Minister, Mykhailo Federov an adviser role in Italy.
An impending "super" El Niño is likely to inflict a combined $10 billion to $20 billion hit on affected African countries and trigger mass migration from hard-hit areas, the African Development Bank's (AfDB) top climate expert said.
Brazil has banned the production and sale of foie gras, the French delicacy made from fattened duck or goose liver. President Luiz Inacio Lula da Silva signed a law late Thursday aimed at ending force-feeding in the country's foie gras industry and stopping imports.
At least 82 people have died after heavy rain triggered devastating floods across northeastern India, Pakistan and Afghanistan this week, with widespread damage to homes, farmland and infrastructure.
Communities in Spain's northwestern Galicia region are bringing back native livestock, including the hardy Cachena breed, to help reduce the risk of devastating wildfires while restoring ecosystems.
Spanish military firefighters worked through the night into Sunday to contain the La Mierla wildfire, which continued to spread across Guadalajara province in central Spain.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment