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Add to Preferred SourcesThe Green Climate Fund (GCF) Board has given a major boost to climate finance for developing countries with the approval of over USD 1 billion of funding for low-emission, climate-resilient development. The 27th Board meeting also adopted the Updated Strategic Plan for the Green Climate Fund 2020-2023, setting an ambitious direction for GCF during its first replenishment period.
A total of 16 projects were given the green light by the Board at the virtual meeting to a value of USD 1.01 billion, raising the value of GCF’s total portfolio to USD 7.2 billion.
The 27th Board meeting is the final Board meeting of the year and the last one to be presided over by the current Co-Chairs. Over USD 2 billion in new climate finance was approved by the Board in 2020, making it a record year for GCF programming.
GCF Executive Director Yannick Glemarec stated: “GCF has stepped up its operations this year in spite of the global pandemic, and is providing more support to developing countries than ever as we help them to build a low-emission, climate-resilient recovery. The ambitious work programme the Board has approved for 2021 will give further momentum to making our operations more efficient and more effective. We signed project agreements for four projects immediately upon their approval at this Board meeting, showing how quickly we are moving to not only approve but to implement these vital projects and programmes in developing countries.”
The five-day Board meeting also resulted in the accreditation of four new project partners. GCF now has over 100 Accredited Entities, the partner organisations which propose and implement the climate projects funded by GCF. They range from smaller national and local organisations (Direct Access Entities) to larger, multi-national bodies, and encompass public and private sectors, as well as civil society organisations.
Find the list of approved projects here.
Original source: GCF