The Green Climate Fund (GCF) Board just set a new record, approving $1.225 billion for 17 new climate projects across the globe. This is the largest amount GCF has ever green-lighted in a single meeting, underscoring a strong push to meet rising demand for climate finance in developing countries. These latest approvals bring GCF’s active project portfolio to 314, now totaling $18 billion in direct funding and $67 billion when co-financing is included.
This round of funding delivers critical support for both adaptation and mitigation, focusing on some of the world’s most climate-vulnerable places. Projects include the first ever GCF-backed work in Mauritania, Saint Lucia, and Papua New Guinea, and target Least Developed Countries, Small Island Developing States, and much of Africa. The Board also signed off on investments that aim to bring in more private sector engagement, such as a $227 million equity move in the Global Green Bonds Initiative, which is set to open up green bond markets in sub-Saharan Africa, and a $200 million investment boosting green finance in India.
The meeting, hosted by Papua New Guinea, also marked progress on how GCF works with its vast partner network. The Board approved reforms to its accreditation model to improve fairness, speed, and transparency. These changes include a faster, nine-month standard for reviewing new applications and new measures to help local and regional partners play a bigger role.
Eight more organizations, including seven Direct Access Entities, have now joined as new Accredited Entities, broadening the Fund’s reach to public, private, and nonprofit groups around the world. And, for the first time, the GCF will invite countries to bid to host new regional offices as part of a plan to grow its local presence.
With new staff regulations also in place, the GCF is stepping up efforts to attract and retain the talent it needs to deliver on its expanding climate mandate.
