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Add to Preferred SourcesThe Green Climate Fund (GCF) Board convenes a virtual, four-day meeting to consider expanding GCF’s support beyond the current 103 countries receiving climate finance.
The 26th GCF Board meeting will consider 15 initiatives to progress climate action in developing countries with USD 878.8 million of new GCF financing, which translates to a total of USD 2.2 billion when accounting for co-financing with GCF funding partners. If approved, this will bring GCF’s support for reducing greenhouse gas emissions and enhancing climate resilience to USD 6.2 billion.
While delivering enduring climate impacts, the 15 projects are also set to strengthen GCF’s support for developing countries in the context of COVID-19. The strong socio-economic co-benefits of the projects are designed to aid a green, resilient recovery to the global pandemic. These benefits include job creation and bolstering livelihoods, addressing poverty, and assisting local businesses progress sustainable, low-carbon development.
The GCF Board will also decide whether to accredit three new partners to propose and implement future climate initiatives funded by GCF.
Meetings of the GCF Board, generally held three times a year, are key decision points for GCF as they decide on funding proposals and the policies which guide GCF operations. GCF’s 24 Board members represent developing and developed countries equally.
Original source: GCF