Green Climate Fund Approves US$736 Million For New Projects

During the Green Climate Fund’s (GCF) recent three-day meeting, the board approved 15 proposals totaling US$736.4 million to fund new climate projects in developing countries.

The last board meeting of the year held in Tbilisi, Georgia, brings GCF programming in 2023 to US$2.1 billion of GCF resources and a total of US$9.0 billion when co-financing is included.

Of the 15 new funding proposals, 12 target the most vulnerable – Least Developed Countries (LDCs), Small Island Developing States (SIDS) and African States. Eight proposals are for adaptation, one is for mitigation and eight are fully cross-cutting projects.

Project agreements were signed for six of the projects immediately after their approval, reflecting the urgency of GCF and its partners to deliver on the ground.

The GCF Board also approved the accreditation of three new organisations, two of which are Direct Access Entities: SK Securities based in the Republic of Korea, Federated States of Micronesia Development Bank (FSMDB) based in Micronesia and CARICOM Development Fund (CDF) based in Barbados.

The Board also approved the Green Climate Fund’s work programme, budget, and results management framework for 2024.

The Green Climate Fund (GCF) is the world’s largest dedicated climate fund. GCF’s mandate is to foster a paradigm shift towards low-emission, climate-resilient development pathways in developing countries.

GCF has a portfolio of US$13.5 billion (US$51.8 billion including co-financing) delivering transformative climate action in more than 120 countries.

Among the 15 projects approved a number are located in Asia including:

  • Thai Rice: Strengthening Climate-Smart Rice Farming in Thailand
  • Community Resilience Partnership Program (CRPP) in Cambodia, Indonesia, Lao People’s Democratic Republic, Pakistan, Papua New Guinea, Timor-Leste, and Vanuatu with Asian Development Bank (ADB)
  • Strengthening Climate Resilience of the Lao PDR Health System in Lao People’s Democratic Republic with Save the Children Australia.