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Monday, March 27, 2023

GCF approves $169.7m for six projects

The Green Climate Fund (GCF) Board has approved six funding proposals amounting to $169.7 million in funding that will support projects and programmes with a total value of $618.7 million.

Yannick Glemarec
GCF executive director, Yannick Glemarec

Most of the funding, or 74%, is allocated for adaptation projects, and 26% for mitigation projects.

The expected impact potential is to abate a total of 22.9 million tonnes of carbon dioxide equivalent (CO2eq) of GHGs and reach 4.8 million (direct and indirect) beneficiaries.

Specifically, the GCF, at its Board meeting that held from March 10 to 12, 2020, in Geneva, Switzerland, approved finance to support four public-sector projects in the following countries:

  • Viet Nam, with a $30.2 million GCF grant for a $156.3 million adaptation project which aims to empower vulnerable smallholders by securing water provision, supporting farmers to adopt climate-resilient agriculture, and strengthening access to agro-climate information, credit and markets.
  • Zimbabwe, with a $26.6 million GCF grant for a $47.8million adaptation project which seeks to address climate impacts and build the resilience of smallholder farmers in three semi-arid agroecological regions of southern Zimbabwe.
  • Sri Lanka, with a $39.8 million GCF grant for a $49 million adaptation project which aims to strengthen the capacity of smallholder subsistence farmers to address climate-induced irrigation and drinking water shortages by improving the resilience of farm- and land-management practices, and by climate proofing ecosystems.
  • Cuba, with a $38.3 million GCF grant for a $119.9 million cross-cutting project which seeks to increase the climate resilience of agricultural production and ensure food security through improved ecosystem services from agroforestry, silvopastoral systems, reforestation and assisted natural forest regeneration in seven municipalities vulnerable to climate change.

The Board also approved two private sector funding proposals for climate action in the following countries:

  • Ecuador, Ethiopia, Ghana, Paraguay, Peru, Sierra Leone, and Uganda are benefiting from GCF funding of $25 million in equity for a $200 million mitigation programme, titled “Arbaro Fund – Sustainable Forestry Fund.” It will invest in sustainable plantation forestry projects with adaptation co-benefits to increase carbon sinks by producing wood in a sustainable manner and conserving natural forests, whilst contributing to reduction of illegal logging.
  • Haiti, with a $1.5 million GCF grant and a $8.4 million loan for a $45.7 million cross-cutting project. The project aims to: develop 22 community-scale solar plus battery storage micro-grids in communities where currently no grid power exists; provide affordable and reliable access to modern energy services in communities; and build capacity for microgrid deployment and operation.

The Board further:

  • took note of the explanation provided by the Secretariat and the Accreditation Panel regarding the accreditation of the applicant “National Committee for Sub-National Democratic Development”; and
  • transferred to the Board for approval, without Board meeting and on a no objection basis, of the two applicants “Bhutan Trust Fund for Environmental Conservation” and “Trade and Development Bank of Mongolia”.

In addition, the GCF also considered a number of reports during its meeting, including on the activities of the SecretariatBoard committees and independent units, and by the Co-Chairs such as proposals on Board decisions without a Board meeting, and their proposal on the review of committees, panels and groups.

Apart from addressing pertinent agenda items, the Board considered an updated workplan for the next three years, the effectiveness of its committees, and recommendations for improving the efficiency and effectiveness of the simplified approval process (SAP).

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