Tag: Green Climate Fund

The Green Climate Fund (GCF) at its Board meeting this week provided further evidence that it is increasing access to and support for national and regional partners operating on the frontlines of the climate crisis. The Fund’s Board approved USD 686.8 million (USD 1.5 billion with co-financing) in GCF investment for 11 projects in 42 countries that are expected to provide direct support to 115.5 million people and mitigate the equivalent of 45.3 million metric tonnes of CO₂. The new projects include first-time single-country investments in Serbia to enhance forest…

Read More

Barbados has successfully completed an unprecedented debt-for-climate operation to finance water and sewage projects resilient to climate change. Through support from its international funding partners, including the Green Climate Fund (GCF), Barbados replaced outstanding, more expensive debt with more affordable financing, generating USD 125 million in fiscal savings, which will be used to enhance water resource management and increase water and food security. CIBC Caribbean, as lead arranger, successfully closed the Sustainability Linked Loan transaction last week. The loan was backed by USD 300 million in guarantees – USD 150…

Read More

The Green Climate Fund (GCF) recently adopted a landmark policy on REDD+ results-based payments, a major boon for forest finance. The decision was made at the 40th meeting of the GCF Board. REDD+ (Reducing emissions from deforestation and forest degradation) is based on the principle that developing countries which reduce their emissions from deforestation and forest degradation can receive financial compensation, known as results-based payments. This is a highly efficient way of financing emissions reductions, as payment is made for verified emissions reductions. In addition, REDD+ results-based payments deliver a…

Read More

The Green Climate Fund (GCF) Board has approved a slate of innovative climate projects allocating more than USD 1.0 billion of GCF investment and bringing GCF’s portfolio of investments to a total of USD 16 billion, USD 61.5 billion, including expected co-financing, across 286 projects. The 40th Board meeting of the world’s largest multilateral climate fund concluded this week by approving 16 projects across 37 developing countries. In 2024, GCF committed USD 2.5 billion to 44 new projects, bringing the total number of countries with projects to 133. GCF is…

Read More

The Green Climate Fund (GCF) has unveiled the latest phase of its ambitious reform agenda to enhance efficiency and impact in supporting climate action. The Fund transitions today to a new organisational structure designed to fulfill its promise, potential, and ambition. This transition is part of GCF’s “50 by 30” vision and reform agenda, which aims to efficiently and impactfully manage USD 50 billion in investments by 2030, as announced by GCF Executive Director Mafalda Duarte at last year’s United Nations General Assembly. Drawing on a decade of programming lessons,…

Read More