|
Getting your Trinity Audio player ready...
|
Incheon, South Korea – 6 July 2025 – The Green Climate Fund (GCF) has approved a landmark $1.225 billion in climate finance at its 42nd Board meeting, the largest single-session allocation in the Fund’s history. The funding will support 17 new adaptation and mitigation projects across vulnerable developing nations, expanding GCF’s portfolio to 314 projects totaling $18 billion in direct investment and $67 billion with co-financing.
🌱 New Projects and Geographic Reach
The newly approved initiatives include the first single-country GCF projects in Mauritania, Saint Lucia, and Papua New Guinea, with a focus on Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States.
Key investments include:
- $227 million in equity for the Global Green Bonds Initiative, aimed at expanding green bond markets in sub-Saharan Africa
- $200 million to advance green finance in India, including concessional credit lines and risk-sharing facilities
🏛️ Governance Reforms and Expansion
The Board adopted sweeping reforms to its accreditation framework, introducing a nine-month service standard for reviewing new applications. These changes aim to improve efficiency, transparency, and accessibility, particularly for Direct Access Entities. Eight new organizations were accredited, seven of which are regional or national entities.
“This has been a very successful Board meeting with a record amount of funding and the adoption of major reforms,” said Co-Chair Leif Holmberg of Sweden.
To support global expansion, the Board launched a call for proposals to host regional offices and a global outpost, with final selections to be made through a formal process managed by the GCF Secretariat.
👥 Strengthening Capacity
New Staff Regulations were also approved to attract and retain the expertise needed to deliver on GCF’s growing mandate. The meeting, hosted by Papua New Guinea, marked only the second time the Board convened in the Pacific region, underscoring the Fund’s commitment to inclusivity and regional engagement.
For full details, visit the Green Climate Fund’s official announcement or read ESG News’ coverage of the Board meeting.
