GCF earmarks over $750 m for 12 climate projects in developing countries

13 / 07 / 2023

By Marwa Nassar - -

The Board of the Green Climate Fund (GCF) approved $ 755.8 million of finance for 12 new climate projects in developing countries.

Co-chair Nauman Bashir Bhatti said, “The Board has given the green light to twelve new projects with a strong focus on increasing direct access and building resilience in the developing countries that are particularly vulnerable to the adverse impacts of climate change. With the new strategic plan approved, I am confident that GCF is moving in the right direction to deliver enhanced support and impact for developing countries.”

Co-chair Victoria Gunderson said, “This has been a very constructive Board meeting with the approval of an ambitious and inspiring strategic plan for the next four years. With a growing portfolio and a collaborative spirit on the Board, GCF will make a stronger contribution to global climate action during its next programming period.”

GCF Executive Director a.i. Henry Gonzalez said, “This Board meeting was a success on many fronts with the adoption of a new strategic plan and the approval of $ 755.8 million in climate financing for 12 new projects. By signing funding agreements for half of these new projects immediately, we are showing our focus on implementing climate action on the ground as rapidly as possible. The meeting helps build momentum for our replenishment and sets a clear path for the future.”

The 2024-2027 Strategic Plan articulates GCF’s major programming directions for its second programming period (GCF-2), with the aim to deliver strengthened climate results and greater access for developing countries. It reflects the urgency of the climate crisis and highlight’s the Fund’s growth and maturation as it becomes even more transformative and accessible.

Twelve new projects were approved by the Board, bringing GCF’s portfolio to a total of 228 projects and $ 12.8 billion in GCF funding. With co-financing, the total value of the portfolio is $ 48.3 billion. Spanning countries such as Haiti, Pakistan, Bangladesh, South Africa, Barbados and Solomon Islands, most of the projects target Least Developed Countries, Small Island Developing States and African States and more than half of the projects are primarily focused on adaptation.