GCF to consider $1.1bn project proposals in October

Photo Caption: Javier Mazanares, GCF Deputy Executive Director.

The Green Climate Fund on Friday September 28, 2018 announced that its Board will consider projects to a value of USD 1,148.4M for approval at its meeting next month.
Speaking in the margins of the UN General Assembly in New York, Javier Mazanares, GCF Deputy Executive Director, stated, “Today we are proposing 20 projects to the Board for consideration at its meeting next month. They include what would be our first ever project in China, a Green Cities programme targeting Central Asia and Eastern Europe, a new fund for transformative climate finance in Africa, and a number of innovative mitigation and adaptation projects targeting Africa, Asia, Pacific islands and Latin America.”
“The range of climate projects being proposed to the Board demonstrates our ambition to support the Paris Agreement by providing climate finance for low emission and climate-resilient development. Whilst the last Board meeting proved challenging, we are hopeful that the next meeting in Bahrain will reach agreement to increase our portfolio to a total of over USD 4.6 billion of climate projects.”
Alongside the consideration of new project proposals, the Board will also discuss the accreditation of new project partners, as well as proposals to strengthen its policy framework for project approval.
The Board meeting comes at a key juncture in efforts to mobilise global action on climate change, considering climate finance will be a key issue of interest at the climate talks in Katowice, Poland, later this year.
Climate finance is a key pillar underlying enhanced cooperation between developed and developing countries – which is needed to galvanise climate action across all parts of the planet.
As the largest dedicated climate fund, GCF is providing strategic injections of financing to empower entrepreneurs in developing countries to create the new low-carbon and climate-resilient markets of the future. As a “country driven” organisation, attuned to the climate priorities of developing countries, GCF also pays particular attention to the needs of societies that are highly vulnerable to the effects of climate change, in particular Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States.