GCF : Green Climate Fund Board approves USD 267 million for climate action, agrees decision-making procedures
SONGDO, 09 JUL 2019 - The 23rd meeting of the Green Climate Fund (GCF) Board approved ten new projects and agreed procedures for adopting decisions in the event that all efforts at reaching consensus have been exhausted.
The Board allocated USD 266.9 million in GCF resources for climate action in developing countries. With co-financing the projects will channel over USD 1,451.6 million for low-emission, climate-resilient development. GCF now has a portfolio of over USD 5.23 billion with 111 projects in 99 developing countries.
Responding to a mandate within its Governing Instrument, the twenty-four member Board also developed procedures for decision-making in the absence of consensus.
The Board noted the first independent review of GCF’s performance during its first four years of operation. The Board also adopted new standards for implementing the Anti-Money Laundering and Countering the Financing of Terrorism Policy, as well as an updated policy on Prevention and Protection from Sexual Exploitation, Sexual Abuse and Sexual Harassment.
During the meeting the applications of four new Accredited Entities were approved, including three direct access entities that provide national and regional channels to access GCF funds.
Co-Chair Nagmeldin Goutbi Elhassan Mahmoud stated, ‘The approval of ten new projects worth USD 267 million reinforces the importance of GCF for developing countries. In less than four years GCF has built an impressive portfolio, and is ready to accelerate support to meet the urgency of the climate crisis.’
Co-Chair Josceline Wheatley stated, ‘This has been an important Board meeting which gives us good momentum for GCF’s replenishment later this year. Board members worked together closely to reach agreement on key policies and procedures.’