Global Climate Fund (GCF) and partners signed agreements to begin the implementation of 6 out of 12 newly approved projects.
Projects of interest are in South Africa, Côte d’Ivoire, three states in Micronesia, Solomon Islands, and Bangladesh.
A method known as the “Simplified Approval Process (SAP), was used to approve four of the projects of up to USD 25 million. The SAP requires fewer documentation for applications.
South Africa received USD 235 million of the required USD 1,5 billion for its water security. Funding will be used towards water reuse, targeting wastewater projects.
At the signing of the agreement, Henry Gonzalez, GCF’s Executive Director said, “GCF uses its resources to de-risk and create new markets. This partnership between DBSA and GCF is not just about capital. It’s about sharing knowledge, policies, and resources while highlighting the nexus between climate and developmental goals.”
In response, Catherine Koffman, Group Executive Project Preparation at DBSA, said, “climate finance is becoming one of the most successful tools for socio-economic development. Development must inculcate climate finance principals for us to meet our net-zero targets. This is the justice of the just-transition pathway that we follow as a development bank. Thank you to the GCF for partnering with us and delivering on our mandate.”