Green Climate Fund Invests $1 Bn for Developing Countries

The 19 new projects amount to a total investment from GCF of USD 1,038 million, and including co-financing the projects will channel over USD 4,244 million of climate finance for low-emission, climate-resilient development.

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The Green Climate Fund (GCF) in its 21st board meeting in Bahrain has approved over one billion dollars of new projects and programmes to support climate action in developing countries.

The 19 new projects amount to a total investment from GCF of USD 1,038 million, and including co-financing the projects will channel over USD 4,244 million of climate finance for low-emission, climate-resilient development.

GCF now has a portfolio of 93 projects amounting to over USD 4,605 million of GCF resources.

During the meeting, the GCF Board has decided to launch the process for the Green Climate Fund’s first formal replenishment, marking a key moment in the development of the world’s largest dedicated fund for climate action.

Commenting on the development, Co-Chair, Lennart Båge stated, “The B.21 Board meeting exceeded expectations with more than a billion dollars of important projects approved, and the launch of the GCF replenishment process.”

“Climate finance and climate project formulation are the two greatest bottlenecks to climate action in the developing countries. GCF has a critical role to play in both,” said Paul Oquist Co-Chair.

Javier Manzanares, Executive Director ad interim, stated, “With a rapidly growing portfolio, accelerating implementation on the ground, and a pipeline of USD 17 billion showing huge demand, GCF is now entering its first replenishment ready to step up its support of developing countries’ climate action.”

Moreover, GCF also approved the applications of 16 new Accredited Entities, the partner organisations that implement GCF projects.

GCF now has 75 Accredited Entities, 41 of which are direct access, providing national and regional channels for developing countries to access GCF funds, as well as via GCF’s international Accredited Entities.

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Manu Tayal

Manu Tayal

Manu is an Associate Editor at Saur Energy International where she writes and edits clean & green energy news, featured articles and interview industry veterans with a special focus on solar, wind and financial segments.

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