GCF portfolio reaches USD 11.3 billion with new climate projects approved by the GCF Board - GCF

The Green Climate Fund (GCF) Board concluded its 34th meeting, the fourth and last Board meeting of the year.  The in-person meeting, held in Incheon, Republic of Korea, approved nine new climate projects worth USD 544.1 million in GCF funding and USD 1.7 billion with co-financing.   With the new projects, GCF’s portfolio now comprises 209 projects and programmes and stands at USD 11.3 billion in GCF resources and USD 42.4 billion with co-financing.

In line with GCF’s efforts to increase access to its resources, the Board adopted an accreditation strategy, renewed its accreditation partnerships with five organisations, and accredited the Zambia National Commercial Bank Plc (ZANACO) as a new partner to the Fund.

 

Progress was made in the ongoing review and update of the strategic plan for GCF’s second programming period of 2024 to 2027 (GCF-2) with discussions on the timeline and work plan. Exchanges were held on GCF’s programming direction, including a presentation by the Independent Evaluation Unit on its summary findings of GCF’s Second Performance Review, which fed into the discussions. Germany expressed its interest in hosting the pledging conference next year for GCF’s second replenishment.  

 

The Board adopted a policy to minimise the effect of currency fluctuations on GCF’s commitment authority, which is the amount of resources available for funding decisions. In addition, the 2023 work plans and budgets of the Secretariat and the independent units were approved, as well as the appointment of Andreas Reumann as the new head of the Independent Evaluation Unit. The Board also agreed to develop a new salary structure for the Fund, as well as updating the existing salary scales.

 

Finally, the Board meeting was the last one for the Co-Chairs, Tlou Emmanuel Ramaru from South Africa and Jean-Christophe Donnellier from France, who complete their terms on 31 December 2022.

 

Co-Chair Tlou Emmanuel Ramaru stated: “I thank my fellow Board members for their collaborative spirit.  Together, we accomplished in raising GCF to higher levels.  As we close the last Board meeting of 2022, I’m pleased to see GCF’s support for climate action in developing countries has grown to 209 projects and USD 11 billion in GCF resources.  I’m also pleased to see strides were made in many fronts, with several policies and frameworks put in place to help increase access of developing countries to GCF resources.  This will put GCF in good standing for its second replenishment.”

 

Co-Chair Jean-Christophe Donnellier said: “The productive discussions at this Board meeting indicate that GCF continues to mature as an organisation with continuous improvements in the implementation of its portfolio and accompanying Board policies, such as its accreditation model. I’m also encouraged by the rich discussions on GCF’s climate ambitions and long-term vision, which provide the first bricks of the updated strategic plan for 2024-2027, which is critical as we look ahead to GCF’s second replenishment.”

 

GCF Executive Director Yannick Glemarec stated: “This board meeting was extremely productive with the adoption of several policies.  We will enter 2023, the final year of the GCF-1 programming period, with significantly evolved policies and modalities and an ambitious workplan prioritising access and steady growth of the portfolio. I also take the opportunity to thank the outgoing Co-Chairs, Tlou Emmanuel Ramaru and Jean-Christophe Donnellier.  Thanks to their stewardship, GCF is in a very strong position and path to effect transformational impact in its second replenishment.”.

 

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