GCF unveils ambitious reform agenda to enhance efficiency, support climate action
The Green Climate Fund (GCF) on Monday 9 September 2024 unveiled the latest phase of its ambitious reform agenda to enhance efficiency and impact in supporting climate action.
The Fund transition 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, the Fund has adopted a regional model of support and delivery that fully integrates operations aimed at supporting ambitious country programmes and investments, accelerating implementation, and enhancing impact.
Led by a reconfigured senior management team, GCF will proceed guided by four key principles: 1) strengthened country ownership; 2) a greater focus on results and impact; 3) a corporate structure optimised for larger scale and efficiency; and 4) a fit-for-purpose approach to talent acquisition and retention.
In a strong statement of intent, GCF’s July Board meeting approved a landmark USD 1 billion for 17 projects. The milestone portfolio included GCF’s first country project in Albania, and first project focused on social protection in Mozambique, a climate resilience initiative for food and livelihoods in the Horn of Africa, and the fastest-ever approval-to-disbursement turnaround of under 7 days for projects in Bhutan and Malawi.
Looking ahead, a key area of GCF’s expanded ambition is a deepened partnership with the private sector. GCF is increasingly leveraging its unique position as the only multilateral climate fund that partners directly with private entities. Initiatives such as the Hardest to Reach programme, which will support local companies and off-grid solar distributors to provide affordable clean energy to over 60 million people across sub-Saharan Africa, will be a growing focus of the Fund’s portfolio.
