At its recent Board meeting, the Green Climate Fund (GCF) approved a total of USD 686.8 million for 11 new projects aimed at bolstering climate resilience across 42 countries. The approved funding, which includes co-financing of USD 1.5 billion, is expected to directly support over 115 million people and reduce carbon emissions by an estimated 45.3 million metric tonnes. These projects focus on addressing climate vulnerabilities in various regions, particularly in underserved communities.

Notably, Serbia and Togo are among the countries receiving their first GCF investments. Serbia will enhance forest resilience to address climate impacts, while Togo will strengthen the resilience of its vulnerable populations. These projects are part of a broader strategy by GCF to expand its global impact and tailor solutions to the specific needs of developing countries facing severe climate risks.

Regional Expansion to Enhance Local Impact

In a key development during the Board meeting, GCF announced plans to establish a regional presence. The Fund, headquartered in South Korea, aims to bring its operations closer to the frontline countries it supports. This regional presence is expected to improve access to GCF resources and increase the effectiveness of climate action initiatives on the ground.

GCF’s Executive Director, Mafalda Duarte, emphasized the importance of local action for climate change, stating that the Fund’s new regional offices will bring essential expertise and resources directly to the communities most affected by climate change. This move is part of GCF’s broader commitment to enhance the local delivery of climate finance and solutions.

Private Sector Engagement and Partnership Expansion

In addition to direct national investments, GCF continues to foster partnerships with the private sector to leverage additional resources. Two key projects approved involve collaboration with financial institutions to promote climate-smart agriculture and combat deforestation. One such initiative, established in partnership with La Banque Agricole in Senegal, will focus on enhancing sustainable agricultural practices. Another, the Mirova Sustainable Land Fund, addresses deforestation in several countries.

The Fund also introduced the Project-Specific Assessment Approach (PSAA), which streamlines project approval by evaluating an entity's capacity to meet GCF accreditation standards while reviewing project proposals. This new approach supports initiatives such as the RE-GAIN project, which targets food loss solutions in Africa, and the multi-country Early Warning Systems project under the UN’s Early Warning For All initiative.

With these latest approvals, GCF’s total portfolio now includes 297 projects across 133 countries, bringing its total funding commitment to nearly USD 17 billion.