• Streamlined access to funding: Simplified processes enable developing countries to secure climate action resources faster.
• Record-breaking investments: USD 2.5 billion committed to 44 projects, including groundbreaking debt-for-climate conversions.
• Expanded reach: Targeted support for underserved regions, including conflict-affected countries like Iraq and Somalia.

2024 marked a transformative year for the Green Climate Fund (GCF) as it advanced its mission to empower developing nations facing the climate crisis. Here’s how GCF delivered tangible progress last year.

1. Faster, more responsive funding access.

GCF revamped its Concept Note process to align with developing countries’ climate priorities. By streamlining documentation, GCF is making it quicker and easier for nations to unlock vital funding.

“We’re tweaking our processes to make it faster and easier for developing countries to get the funding they need for their climate action priorities.”

2. Pioneering debt-for-climate financing.

In a global first, GCF supported Barbados’ debt-for-climate conversion transaction, committing USD 70 million to reshape its economy. The initiative transforms high-interest debt into lower-interest financing, enabling investments in modernized wastewater treatment and ambitious climate adaptation goals—all while preserving fiscal stability.

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3. Extended readiness for long-term impact.

The revamped Readiness Programme now spans four years, reducing transaction costs and enabling better long-term planning for capacity building.

“This extended cycle helps developing nations reduce costs and streamline access to support while addressing capacity gaps more effectively.”

4. Prioritizing underserved and conflict-affected regions.

Historically underfunded regions like Iraq and Somalia benefited from GCF’s first single-country projects. This initiative reflects a renewed focus on vulnerable communities in areas of conflict.

5. Forest conservation through new REDD+ policy.

Acknowledging the critical role of forests in climate mitigation, GCF introduced incentives to protect and restore forests. The policy supports low-carbon development while empowering economies to adapt.

“Trees act as a carbon sink, absorbing carbon dioxide from the air. Protecting forests remains one of the most effective, low-cost climate solutions.“

6. Record funding commitments.

In 2024, GCF approved 44 new climate action projects, committing USD 2.5 billion in resources. These included first-ever single-country projects in Albania, Angola, Azerbaijan, Iraq, and Somalia, as well as the launch of the Project-Specific Assessment Approach (PSAA).

“Through the tireless efforts of our partners, we’ve committed billions to innovative projects that drive climate resilience and economic growth.”

Looking ahead.

With an expanded reach, streamlined processes, and record-breaking investments, GCF continues to drive climate impact in the regions that need it most.

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