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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