The 22nd meeting of the Green Climate Fund (GCF) Board ended on February 28, with a raft of decisions to strengthen GCF for its first replenishment. The Board approved nine new climate resilience and low emission projects totaling USD 440 million in GCF resources and took steps to strengthen operations, reinforce standards and close policy gaps.
Javier Manzanares, Executive Director ad interim, stated, “GCF now has a USD 5 billion portfolio in 97 countries supporting low-emission, climate-resilient development. With decisions to ensure better governance, new project approvals, and a reinforced readiness programme, this Board meeting has left us in great shape for our first replenishment.”
The nine new project approvals bring GCF’s portfolio to a total of 102 projects and programmes, committing USD 5 billion of GCF resources for climate action in 97 developing countries. Including co-financing, the portfolio channels USD 17.7 billion in climate finance through its network of 84 Accredited Entities.
Providing readiness support to build the capacity of developing countries is a key part of GCF’s activities. The Board took note of the evaluation of the Readiness and Preparatory Support Programme by the Independent Evaluation Unit and adopted a work programme and budget that builds upon the evaluation findings and recommendations and provides USD 122.5 million for 2019 for a new phase of readiness support to developing countries.
Original source: Green Climate Fund
Published on 28 February 2019
