The Green Climate Fund (GCF) has endorsed 11 climate projects in developing nations, committing $489.8 million of GCF resources. With co-financing, the 11 projects total $1.26 billion.
With the new projects approved, GCF’s overall portfolio now stands at $13.9 billion, with a total value of $53 billion of assets under management, including co-financing.
The projects contribute to GCF’s second strategic programming priorities for 2024-2027 with a strong focus on directly supporting vulnerable countries adapt to climate change. These include projects in the Cook Islands, Sierra Leone, Cambodia and Pakistan. Seven projects target Small Island Developing States (SIDS), Least Developed Countries (LDCs) and African States.
The diverse projects bring innovation, impact and are groundbreaking on several fronts. The Acumen Climate Action Pakistan Fund aims to establish a USD 80 million climate fund and is Pakistan’s first woman-led adaptation-focused fund supporting agribusinesses. In the Cook Islands, the first single-country project will be rolled out – the first brought by a national organization (Direct Access Entity) – and the first solely targeting climate and health in the Pacific region.
Project agreements were also signed for five projects after the Board’s approval, reflecting the urgency by GCF and project partners to deliver projects on the ground.
Green Climate Fund Executive Director, Mafalda Duarte said: “Today, our Board has once again proven that the Green Climate Fund is delivering faster climate action and setting new benchmarks. Their leadership has made it possible to approve the largest number of GCF-approved initiatives led by developers from the Global South, and to begin programming with eight new implementing partners, known as Accredited Entities. I’m thrilled that two of these entities will be the first in their respective countries to access GCF resources. In addition, we reached another milestone: two project agreements signed in Kigali are immediately moving into implementation. Through these accomplishments we are also honoring the legacy of the late Daniel Machado da Fonseca, a tireless advocate for developing countries and climate action as well as Brazil’s representative on the GCF Board, whom we tragically lost this week. The least we can do in his memory is raise our collective ambition to address the crises before us.”