The Green Climate Fund (GCF) is now financing climate action in over 100 developing countries after the final Board meeting of 2019 approved 13 new projects.
The 24th Board meeting closed after allocating USD 407.8 million, raising GCF’s total portfolio to USD 5.6 billion. This includes new transformative initiatives in China, Lao People’s Democratic Republic, Mozambique, Nepal, the Philippines and the State of Palestine. Combining co-financing by GCF’s funding partners, the newly approved projects will channel over USD 1.87 billion to reduce greenhouse gas emissions and enhance climate resilience.
The three-day Board meeting also approved seven new Accredited Entities, which propose and implement climate projects funded by GCF, bringing the total to 95. Among these are five direct access entities, adding to the 51 that provide national and regional channels to access GCF funds.
The Board adopted an updated gender policy and gender action plan and a policy on co-financing. It also reviewed GCF’s updated Strategic Plan for the 2020-2023 programming period, which aims to deliver more ambitious impact for developing countries.
The allocation of new funding during the Board meeting follows GCF’s first replenishment pledging conference in October. To date, 28 countries have pledged USD 9.78 billion equivalent to fund climate action over the next four years.
GCF Executive Director Yannick Glemarec said: “This Board meeting has reinforced GCF’s momentum in progressing support for climate action. We have now allocated the bulk of the funds we received during our initial resource mobilisation. With a strong replenishment, we are well equipped to enhance developing countries’ ability to meet their Paris Agreement goals.”
During the GCF Board Meeting, the Republic of Indonesia pledged USD 500,000 to the Fund’s first replenishment – a doubling of its contribution from GCF’s initial resource mobilization. Indonesia is both a contributor to and a recipient of GCF funding.
The 24th GCF Board meeting approved the following projects and programmes:
- USD 100 million for Catalyzing Climate Finance (Shandong Green Development Fund) with ADB (FP082)
- USD 30 million for Carbon Sequestration through Climate Investment in Forests and Rangelands in Kyrgyz Republic (CSFOR) with FAO (FP116)
- USD 16.8 million for Implementation of the Lao PDR Emission Reductions Programme through improved governance and sustainable forest landscape management with GIZ (FP117)
- USD 39.3 million for Building a Resilient Churia Region in Nepal (BRCRN) with FAO (FP118)
- USD 26.3 million for Water Banking and Adaptation of Agriculture to Climate Change in Northern Gaza with AFD (FP119)
- USD 63.6 million for Chile REDD-plus results-based payments for results period 2014- 2016 with FAO (FP120)
- USD 50 million for REDD+ Results-based payments in Paraguay for the period 2015-2017 with UNEP (FP121)
- USD 33.3 million for Blue Action Fund (BAF): GCF Ecosystem-Based Adaptation Programme in the Western Indian Ocean with KfW (Madagascar, Mozambique, South Africa and United Republic of Tanzania) (FP122)
Original source: GCF
Published on 14 November 2019