Tag: Green Climate Fund

Forests get a boost from new GCF policy on REDD+ results-based payments

Stuart Mitchell

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…

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GCF Board’s USD 1 billion for climate projects signals increased climate finance ahead of COP29

Stuart Mitchell

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…

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GCF unveils new organisational structure to accelerate climate action

Stuart Mitchell

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,…

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Green Climate Fund approves $151 million for African Development Bank’s climate resilience programme in the Horn of Africa

Stuart Mitchell

The Green Climate Fund has approved $151 million in financing for a major resilience programme supported by the African Development Bank to address climate vulnerability in the Horn of Africa. The approval was granted at the Fund’s 39th Board meeting and comprises a $90.7 million grant and a $60.3 million loan. The financing will support the Bank Group’s “Building Climate Resilience for Food and Livelihoods in the Horn of Africa programme,” benefitting 4.6 million people across Djibouti, Somalia, Kenya, Ethiopia and South Sudan. The Horn of Africa is most susceptible…

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Green Climate Fund: USD 1.26 billion for climate action in developing countries

Stuart Mitchell

Hosted by Rwanda, the 38th Board meeting of the Green Climate Fund (GCF) took place between 5-7 March, the first Board meeting of the year. The meeting began with a memorial to honour GCF Board member, Daniel Machado da Fonseca, from Brazil, who passed away on 3 March. The GCF Board endorsed eleven climate projects, committing USD 489.8 million of GCF resources. With co-financing, the eleven projects total USD 1.26 billion. With the new projects approved, GCF’s overall portfolio now stands at USD 13.9 billion, with a total value of…

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