Green Climate Fund Approves Record $1.225 Billion for Global Climate Projects
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The Green Climate Fund (GCF) has approved a record-setting $1.225 billion for 17 new climate action projects aimed at supporting developing countries. This milestone decision was made at the Fund’s 42nd Board meeting, hosted in Papua New Guinea, marking only the second time the Board has convened in the Pacific region.
The new financing pushes GCF’s total project portfolio to 314 initiatives, now totaling $18 billion in GCF funding and $67 billion when co-financing is included. The projects will support both climate adaptation and mitigation efforts, with a strong focus on Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African nations.
Three countries—Mauritania, Saint Lucia, and Papua New Guinea—will receive their first standalone GCF projects. The funding also includes $227 million for the Global Green Bonds Initiative to catalyze green bond markets in sub-Saharan Africa and $200 million to promote green finance in India.
The Board adopted sweeping reforms to its accreditation framework, including a nine-month review timeline to streamline the process. Eight new organizations, including seven Direct Access Entities, were approved as Accredited Entities to implement projects on the ground.
In a move to enhance global presence, the Board will launch a call for proposals to host regional offices. This aims to strengthen support for developing nations and improve GCF’s responsiveness.
Additionally, new Staff Regulations were adopted to attract and retain high-caliber talent essential to the Fund’s operations.
Board Co-Chairs and GCF Executive Director Mafalda Duarte hailed the meeting as a pivotal moment for climate finance. “We came here to deliver action—and we have done so,” said Duarte in a press statement, highlighting the urgency of climate threats and the Fund’s expanding role in addressing them.
Source: greenclimate.fund
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