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- New Investments: $686.8 million approved for 11 projects across 42 countries, impacting 115.5 million people and mitigating 45.3 million metric tonnes of CO₂.
- Regional Expansion: GCF to establish a regional presence, enhancing access and impact in developing countries.
- Private Sector Collaboration: New projects leverage private investments, including climate-smart agriculture in Senegal and sustainable land use initiatives with Mirova.
The Green Climate Fund (GCF) announced $686.8 million in investments this week, contributing to $1.5 billion in climate action initiatives when combined with co-financing. The 11 approved projects will support 115.5 million people and mitigate the equivalent of 45.3 million metric tonnes of CO₂ across 42 countries.
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New initiatives include first-time investments in Serbia to enhance forest resilience and in Togo to strengthen vulnerable communities’ climate adaptability.
“The 11 new projects agreed at this Board will bring urgently needed climate finance to support developing countries,“ said Co-chair Seyni Nafo. “It is particularly gratifying to see that we are broadening our impact by bringing first-time projects to Togo and Serbia.”
To further its mission, the GCF will establish a regional presence, a move expected to improve access to funds and increase project impact in developing countries.
“If climate action is local action—which it is—then the Green Climate Fund needs to be local too,” stated GCF Executive Director Mafalda Duarte. “This decision strengthens our ability to deliver on the more than $680 million in new climate action commitments announced at this Board meeting.”
The Fund’s portfolio now includes 297 projects, totaling $16.6 billion in GCF funding and $62.7 billion with co-financing. The majority of investments are in Africa (38%), Latin America and the Caribbean (32%), and Asia Pacific (27%).
The GCF continues to prioritize support for Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African nations, with 63% of adaptation funds directed to these regions.
Private sector partnerships are also expanding. In Senegal, a Green Climate Finance Facility with La Banque Agricole will promote climate-smart agriculture. Another project with Mirova aims to combat deforestation in agricultural regions through a sustainable land fund.
Board Co-chair Leif Holmberg highlighted the importance of these initiatives: “During these challenging times, GCF is showing how countries are able to reaffirm their individual and collective commitment to accelerating support to climate-vulnerable communities.”
The next GCF Board meeting will take place from June 30 to July 3, 2025, in Port Moresby, Papua New Guinea.
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