Seven new projects set for implementation as GCF accelerates climate action to communities
Seven new project agreements were signed during the Green Climate Fund’s 41st Board meeting (B.41), which took place on 17-20 February 2025.
At the Fund’s first Board meeting of the year, the Board approved USD 686.8 million (USD 1.5 billion with co-financing) in GCF investment for 11 new projects in 42 countries. This brings the GCF portfolio to 297 projects in 133 countries, with a total GCF funding amount of USD 16.6 billion and USD 62.7 billion with co-financing.
Of the 11 projects, agreements for five projects were immediately signed between GCF and its Accredited Entity (AE) partners at a signing ceremony on 20 February, with the sixth signed by the AE remotely earlier in the day. The ceremony also included the signing for a project approved at the 40th Board meeting last October.
GCF has been working to speed up its processes to deliver climate projects to communities more efficiently and effectively as part of its transformational agenda to increase the Fund’s efficiency and impact. This includes expediting the process for the negotiation and signing of the project agreement or Funded Activity Agreement (FAA), which must be signed by GCF and the Accredited Entity (AE) for the project to begin implementation.
The projects set for implementation include GCF’s first single-country project in Serbia, climate-resilient agriculture projects in Mali and Kenya, a multi-country project targeting food loss in Africa, a tuna adaptation project in the Pacific, and a debt-for-climate conversion project in Barbados.
In addition, three new projects received their first disbursement. Projects in Kenya and Serbia and a multi-country project in Africa (RE-GAIN) were rapidly turned around, from board approval to the signing of project agreements to disbursement, in about a week.
