The Green Climate Fund (GCF) now has about 253 projects worth approximately USD 13.9 billion in 129 developing countries.
This is after the GCF Board endorsed eleven climate projects, committing USD 489.8 million of GCF resources, at the organization’s first board meeting of the year in Rwanda, this week.
Mafalda Duarte, Green Climate Fund Executive Director, said: “Today, our Board has once again proven that the GCF is delivering faster climate action and setting new benchmarks. Their leadership has made it possible to approve the largest number of GCF-approved initiatives led by developers from the Global South, and to begin programming with eight new implementing partners, known as Accredited Entities.”
She also said she is thrilled that two of these entities will be the first in their respective countries to access GCF resources. In addition, two project agreements signed in Kigali are being implemented.
She honoured the legacy of the late Daniel Machado da Fonseca, a tireless advocate for developing countries and climate action as well as Brazil’s representative on the GCF Board.
The organization’s strategic programming priorities for 2024-2027, has a strong focus on supporting vulnerable countries adapt to climate change. These include projects in the Cook Islands, Sierra Leone, Cambodia and Pakistan. Seven projects target Small Island Developing States (SIDS), Least Developed Countries (LDCs) and African States.
The Acumen Climate Action Pakistan Fund aims to establish a USD 80 million climate fund and is Pakistan’s first woman-led adaptation-focused fund supporting agribusiness.
In the Cook Islands, the first single-country project will be rolled out, to tackle climate and health in the Pacific region.
The GCF Board approved the accreditation of eight new organisations, six are sub-national, national or regional organisations from Jordan, Kyrgyzstan, Nepal, Mexico, Colombia and Panama.
On the agenda, were discussions on GCF regional presence, exploring how better to support the countries and regions it serves; and the financing of results-based payment for REDD+ (Reducing Emissions from Deforestation and forest Degradation).
Picture: Green Fund Rwanda