Green Climate Fund board approves $325.2 million and policies to accelerate climate action – World
32nd Board Meeting held in Antigua and Barbuda sees adoption of private sector strategy, improved streamlined approval process and Caribbean GCF programming dialogue
The Green Climate Fund (GCF) Board of Directors closed its 32nd meeting by approving four new climate projects worth $301.5 million in GCF funding and $1.7 billion in co-financing . Including the approval of Tranche 2 funding of an approved project, $325.2 million of GCF funding was approved for climate action.
The new projects bring the total GCF portfolio to $10.4 billion in GCF resources and $39 billion including co-financing. The newly approved projects are listed below and more details are available on the GCF website.
The Board adopted an updated Simplified Approval Process (SAP), increasing and simplifying access to climate finance for small-scale projects in Least Developed Countries (LDCs), Small Island Developing States (SIDS ) and African states. A new Private Sector Strategic Framework was also adopted, which will strengthen the GCF’s engagement with the private sector and help achieve key strategic objectives. Finally, the Board took decisions on strategic planning and programming related to the next replenishment of the Fund, including a discussion of its secondary performance review carried out by the Independent Evaluation Unit.
Hosted by Antigua and Barbuda, the four-day meeting was the first in-person meeting of Council members since the start of the pandemic. The island state also hosted a Technical Programming Dialogue for the Caribbean organized by the GCF from May 19-21 on the sidelines of the meeting, bringing together Designated National Authorities (DNAs) and Accredited Entities (AEs) to explore priorities and regional programming opportunities.
Co-Chair Tlou Emmanuel Ramaru, South Africa, said: “With the Council’s allocation of $325.2 million in climate finance, the Green Climate Fund is now investing $10.5 billion in a low-emission and climate-resilient development. I am particularly pleased to see the approval of new projects in vulnerable countries with two projects targeting small island developing states and least developed countries.
Co-Chair Jean-Christophe Donnellier, France, said: “Significant progress in political consultations has been made at this Board meeting in support of a private sector strategy and a simplification of the process. of approval. These are clear indications that the Fund continues to improve the effectiveness of its portfolio implementation and the Board policies that are necessary to support the GCF’s maturation as the world’s largest climate fund. We are pleased to note that progress has also been made in strategic programming. These are essential steps for the future direction of the GCF as we look to the second replenishment of the GCF. »
GCF Executive Director Yannick Glemarec said, “I thank Antigua and Barbuda for graciously hosting the very productive 32nd Board Meeting. This Board meeting and technical programming dialogue illustrates how critical it is to provide climate finance to SIDS, which are on the frontlines of climate change. The GCF continues to accelerate climate finance with the approval of four new projects, including one in a SIDS country. The adoption of a more streamlined project approval process and a strategic framework for the private sector will take the GCF to the next level by increasing access and mobilizing private sector climate finance for countries vulnerable to climate change. climate.
The 32nd GCF Board Meeting approved the following projects:
- $26.2 million for the Vanuatu Community-based Climate Resilience Project (VCCRP) with Save the Children Australia (FP184);
- $65.3 million for Climate Change: The New Evolutionary Challenge for the Galapagos with Corporación Andina de Fomento (CAF) (FP185); and
- $200.0 million for India Electric Mobility Finance Program with Macquarie Alternative Assets Management Limited (FP186)
The GCF signed a project agreement (known as a funded activity agreement) for a climate resilience project in Vanuatu (FP184), immediately following Board approval of the funding decision reflecting the commitment of the GCF to move quickly to project implementation and rapidly provide financing to SIDS and other vulnerable countries. .
The following project has also been approved under the SAP:
- US$10.0 million for Pakistan Distributed Solar Project with JS Bank (SAP024)
USD 23.8 million was approved as Tranche 2 funding for Promoting Climate Smart Cooking: Kenya and Senegal with GIZ (FP103) (Tranche 1 funding was approved by the Board at the 22nd Board meeting).
The GCF Board of Directors approved the reaccreditation of:
- Korea Development Bank, based in the Republic of Korea
- Conservation International, based in the United States
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