Green Climate Fund Board maintains climate momentum in midst of COVID-19 by approving USD 878.8 million of new funds

Green Climate Fund Board maintains climate momentum in midst of COVID-19 by approving USD 878.8 million of new funds

The Green Climate Fund (GCF) continues empowering developing countries to take climate action in the face of the COVID-19 pandemic with its allocation of USD 878.8 million in new financing at its 26th Board meeting.

The 26th Board meeting approved 15 projects, raising GCF’s total portfolio of climate finance to USD 6.2 billion. It added Afghanistan and Sudan to the list of over 100 countries receiving GCF support to reduce greenhouse gas emissions and enhance climate resilience.

The four-day Board meeting, held virtually for the first time, also approved two new Accredited Entities, which propose and implement climate projects funded by GCF.

GCF Executive Director Yannick Glemarec stated: “GCF has a key role to play to maintain climate ambition in the era of COVID-19. This successful Board meeting is a testimony to all GCF partners and staff who work relentlessly despite the terrible challenges caused by the pandemic. GCF will continue striving to improve the speed and efficiency in which we respond to developing country needs.”

The approved projects, range from GCF’s first results-based payment for REDD+ in Indonesia, enhancing hurricane resilience in Antigua and Barbuda, and a bundled private sector initiative that decarbonises industry across seven countries.

While covering a broad geographic range, the approved projects share a common capacity to drive climate action by leveraging COVID-19 recovery efforts – including strong job creation and safeguarding livelihood components of the climate initiatives.

Original source: GCF