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Wednesday, June 7, 2023

GCF approves $267m for climate action, agrees decision-making procedures

The 23rd meeting of the Green Climate Fund (GCF) Board approved 10 new projects and agreed procedures for adopting decisions if all efforts at reaching consensus have been exhausted.

GCF Board Meeting
Delegates at the 23rd GCF Board Meeting

The Board allocated $266.9 million in GCF resources for climate action in developing countries. With co-financing the projects will channel over $1,451.6 million for low-emission, climate-resilient development. GCF now has a portfolio of over $5.23 billion with 111 projects in 99 developing countries.

Responding to a mandate within its Governing Instrument, the 24-member Board also developed procedures for decision-making in the absence of consensus.

The Board noted the first independent review of GCF’s performance during its first four years of operation. The Board also adopted new standards for implementing the Anti-Money Laundering and Countering the Financing of Terrorism Policy, as well as an updated policy on Prevention and Protection from Sexual Exploitation, Sexual Abuse and Sexual Harassment.

During the meeting the applications of four new Accredited Entities were approved, including three direct access entities that provide national and regional channels to access GCF funds.

Co-Chair, Nagmeldin Goutbi Elhassan Mahmoud, stated: “The approval of ten new projects worth $267 million reinforces the importance of GCF for developing countries. In less than four years GCF has built an impressive portfolio and is ready to accelerate support to meet the urgency of the climate crisis.”

Co-Chair, Josceline Wheatley, stated: ‘This has been an important Board meeting which gives us good momentum for GCF’s replenishment later this year. Board members worked together closely to reach agreement on key policies and procedures.’

Yannick Glemarec, Executive Director, stated: ‘The outcomes of this Board meeting will give added impetus to our support for developing countries to raise and realise their climate ambitions. As our portfolio grows, we are increasing the speed of implementation to drive transformative climate action. With high demand for GCF resources, we are ready for an ambitious replenishment.”

The next Board meeting will take place in Songdo, South Korea, from November 12 to 14, 2019.

The 23rd GCF Board meeting approved the following projects and programmes:

  • FP107 – $25.3 million for Supporting Climate Resilience and Transformational Change in the Agriculture Sector in Bhutan with UNDP
  • FP108 – $35 million for Transforming the Indus Basin with Climate Resilient Agriculture and Water Management in Pakistan with FAO
  • FP109 – $22.4 million for Safeguarding Rural Communities and their Physical and Economic Assets from Climate Induced Disasters in Timor-Leste with UNDP
  • FP110 – $18.6 million for Ecuador REDD-plus RBP for Results Period 2014 with UNDP
  • FP111 – $35 million for Promoting Climate-Resilient Forest Restoration and Silviculture for the Sustainability of Water-related Ecosystem Services in Honduras with IDB
  • FP112 – $18.6 million for Addressing Climate Vulnerability in the Water Sector (ACWA) in the Marshall Islands
  • FP113 – $23.1 million for TWENDE – Towards Ending Drought Emergencies: Ecosystem-Based Adaptation in Kenya’s Arid and Semi-Arid Rangelands with IUCN
  • FP114 – $20 million for Program on Affirmative Finance Action for Women in Africa (AFAWA): Financing Climate Resilient Agricultural Practices in Ghana with AfDB
  • FP115 – $60 million for Espejo de Tarapacá in Chile with MUFG Bank

The following project was also approved under the Simplified Approval Process (SAP):

  • SAP007 – $8.9 million for Integrated Climate Risk Management for Food Security and Livelihoods in Zimbabwe focusing on Masvingo and Rushinga Districts

The GCF Board also approved the accreditation application of the following entities: Banco Nacional de Desenvolvimento Econômico e Social (BNDES) based in Brazil; Ecobank Ghana Limited (EGH); Enabel, Belgian Development Agency; and, Ministry of Water and Environment (MWE) of the Republic of Uganda.

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