The Green Climate Fund Board (GCF) approved 22 new projects for action around the world, today.
The projects will receive USD 1.332 billion, a chunk of the total amount of the year’s total allocation of USD 3.26 billion.
Leif Holmberg, Co-Chair of the Fund, from Sweden, said this record achievement emphasizes the Fund’s ongoing commitment to deliver support to developing countries, ahead of COP30, in Belem, Brazil.
The projects are expected to bring urgently needed funding for adaptation and mitigation action, to Least Developed Countries (LDCs), Small Island Developing States (SIDS) and African States, whilst mitigation and cross-cutting projects will bring significant emission reductions through renewable energy, reforestation and land-use, and energy efficiency.
Holmberg said “I am delighted that in our tenth year of programming, the Board has approved a record annual portfolio demonstrating its commitment to accelerating climate action. This achievement reflects how the Fund is delivering on its major reform agenda to increase access to finance and results for climate action. Several of the approved projects will mobilise substantial private sector finance, providing clear evidence of GCF’s ability to catalyse additional resources in an era that requires more creative approaches to climate finance.”
Co-Chair Seyni Nafo from Mali said, the approved projects bring the total number of projects to 50, this year.
“This clearly signals the Fund’s continued commitment to extend its support to the most vulnerable, including in the Caribbean, during the same week parts of the region were devastated by Hurricane Melissa. I am also delighted to see the accreditation of the first Direct Access Entities in Kazakhstan, Trinidad and Tobago, Tunisia, and Vanuatu, which signals GCF’s continued commitment to country-ownership of climate action” said Nafo.
Picture: Supplied