Green Climate Fund approves first projects
The Green Climate Fund Board today approved US$168 million of GCF funding for projects and programmes worth US$624 million, marking the end of its launch phase and kick-starting the flow of climate finance through the Fund to developing countries. The activities supported by the Board will generate up to US$1.3 billion in investments over the coming five years.
The Board, meeting in Zambia this week, has approved an initial batch of projects, covering mitigation and adaptation measures. The projects include three in Africa, three in Asia-Pacific, and two in Latin America.
The partnering entities for the projects include national, regional, and international bodies accredited to the Fund, from both the public and private sectors.
The eight projects approved are:
- Building Resilience of Wetlands in the Province of Datem del Marañón in Peru, with Profananpe (GCF funding: US$ 6.2 million)
- Scaling Up the Use of Modernized Climate Information and Early Warning Systems in Malawi, with UNDP (GCF funding: US$ 12.3 million)
- Increasing the Resilience of Ecosystems and Communities through the Restoration of the Productive Bases of Salinized Lands, in Senegal, with CSE (GCF funding: US$7.6 million)
- Climate Resilient Infrastructure Mainstreaming in Bangladesh, with KfW (GCF funding: US$40 million)
- KawiSafi Ventures Fund in Eastern Africa, with Acumen (GCF funding: US$25 million)
- Energy Efficiency Green Bond in Latin America and the Caribbean, with IDB (GCF allocation: US$217 million)
- Supporting Vulnerable Communities to Manage Climate Change Induced Water Shortages, in Maldives, with UNDP (GCF funding: 23.6 million)
- Urban Water Supply and Wastewater Management in Fiji, with ADB (GCF funding: US$ 31 million)
“Approving these first projects is an important milestone, particularly for GCF’s partnering entities and beneficiaries,” stated Gabriel Quijandria Acosta, Co-Chair of the Board. “This first review of projects has been an enriching experience for the Board. It has allowed us to reflect on the areas that need to be further enhanced to speed up support to countries that are already experiencing the devastating impacts of climate change.”