Green Climate Fund Expands Climate Investments and Access to Developing Nations

The Green Climate Fund (GCF) continues to enhance its commitment to climate action by increasing access and support for national and regional partners on the frontlines of the climate crisis. At its recent Board meeting, the Fund approved USD 686.8 million (USD 1.5 billion with co-financing) for 11 projects across 42 countries. These projects are expected to directly benefit 115.5 million people while mitigating 45.3 million metric tonnes of CO₂.

Among the newly approved projects are first-time single-country investments in Serbia to enhance forest resilience and in Togo to strengthen the climate resilience of vulnerable communities. In addition, the Board announced plans to establish a regional presence, strengthening GCF’s engagement with developing countries and enhancing climate impact.

Board Co-chairs Seyni Nafo and Leif Holmberg emphasized the importance of broadening GCF’s reach and accelerating climate action. Nafo noted that the newly approved projects reinforce GCF’s commitment to country ownership and effective climate action, with six projects moving immediately to implementation. Holmberg highlighted GCF’s role in increasing access to vital climate finance, particularly for climate-vulnerable communities.

GCF Executive Director Mafalda Duarte stressed the importance of local engagement, stating, “If climate action is local action—which it is—then the Green Climate Fund needs to be local too.” The decision to establish regional offices will bring GCF specialists closer to those who need their support the most, ensuring the effective implementation of the Fund’s commitments.

With the latest approvals, GCF’s total portfolio now stands at USD 16.6 billion in funding across 297 projects, mobilizing USD 62.7 billion with co-financing. The Fund’s investments span Africa (38%), Latin America and the Caribbean (32%), Asia Pacific (27%), and Eastern Europe, Central Asia, and the Middle East (3%).

Two notable private sector initiatives highlight GCF’s ability to leverage private investment. One project, in partnership with La Banque Agricole, will establish a Green Climate Finance Facility to promote climate-smart agriculture in Senegal. Another project, in collaboration with Mirova, will launch a sustainable land fund to combat deforestation linked to agriculture.

Additionally, the Fund’s Project Preparation Facility has supported the development of five of the newly approved projects. The Board also accredited six new project implementing partners, including national and regional organizations, further expanding GCF’s network of direct access entities in developing countries.

The next GCF Board meeting will take place from June 30 to July 3, 2025, in Port Moresby, Papua New Guinea.

The Green Climate Fund, as the world’s largest dedicated climate fund, continues to drive a paradigm shift towards low-emission, climate-resilient development pathways. With over USD 630 million invested through its Readiness Programme, GCF remains committed to supporting the most climate-vulnerable communities and fostering global climate resilience. For mor information visit the Green Climate Fund’s website.

Reference

GCF approves USD 686 million for climate action and decides to establish regional presence. Retreived on Feb 21, 2025 from https://www.greenclimate.fund/news/gcf-approves-usd-686-million-climate-action-and-decides-establish-regional-presence?utm_medium=EMAIL&utm_term=N%2FA&utm_source=newsletter&utm_campaign=Copy%20of%20B.40%20Press%20release#msdynmkt_trackingcontext=b0ba9e61-5570-41eb-b19c-bcbf16d2ab8f