greenclimate.fund - GCF speeds up funding process to help meet urgent need for climate action
Songdo, 15 Nov 2019
The Green Climate Fund (GCF) has signed implementation agreements for three climate finance projects immediately after they were approved by the GCF Board during its meeting on 12-14 November.
The rapid move from Board approval to legal agreements represents a first for GCF in terms of accelerating the speed of available funding to meet the urgent need for climate action in developing countries.
GCF Executive Director Yannick Glemarec said the swift signing of the Funded Activity Agreements (FAAs) for the three projects – supporting climate resilience in Nepal and REDD+ in Paraguay and Chile – is the result of GCF’s improved financial and legal processes.
“During its first four years of operations, GCF has halved the time it takes to advance projects from approval to disbursement,” said Mr Glemarec. “GCF is committed to supporting adaptation and mitigation initiatives with greater speed and scale, given the burgeoning demand for climate finance.”
He pointed out the three agreements represent further progress from the previous Board meeting in July which marked the first time an implementation agreement was signed the day after a climate project received Board approval.
Highlighting the “importance of GCF’s close collaboration with its partners,” Mr. Glemarec underscored “the crucial roles of UNEP and FAO in helping turn drawing board ideas into innovative action.”
The project in Nepal – the first one to be funded by GCF in that country – will enhance the resilience of ecosystems and vulnerable communities by adopting climate-resilient, land-use practices in the country’s Churia region. Situated on the southernmost range of the Himalayan foothills, this region provides vital ecosystem functions to heavily populated plains downstream where the country’s most fertile agricultural lands are located.