The first Green Climate Fund (GCF) Board meeting of 2018 (1st March) concluded after approving 23 projects, valued together at USD 1,093.5 million of GCF funding.
The new approvals bring the GCF portfolio to a total of 76 projects and programmes, amounting to USD 3,730.2 million in GCF funding to assist developing countries in their low emission and climate resilient development.
The Board elected Ambassador Lennart Båge and Dr. Paul Oquist as its Co-Chairs for 2018, representing developed and developing countries respectively. A number of significant policy decisions were also made to strengthen GCF’s operations, including adopting an Indigenous Peoples Policy, and an Environmental and Social Policy. In addition to the funding approvals, the Board approved an additional USD 60 million for the implementation of the Readiness Programme to assist developing countries in accessing GCF funds.
‘We have had a highly positive week, approving over USD 1 billion in projects, which is a record amount in a single GCF Board meeting,’ stated Paul Oquist, GCF Co-Chair.
‘This large volume of projects for both mitigation and adaptation – and the additional USD 60 million for readiness support – shows that GCF is ready to shift gear in supporting developing countries to achieve their climate goals. The projects adopted here will make a real impact in the face of climate challenges,’ he continued.
Fellow Co-Chair Lennart Båge stated: ‘The Board has successfully managed an ambitious agenda this week, demonstrating its commitment to deliver a serious contribution to the response to climate change. In particular, the adoption of an Indigenous Peoples Policy and an Environmental and Social Policy is an important step towards completing GCF’s policy framework.’
Båge concluded, ‘Paul and I would also like to thank our fellow Board members for their positive support, and to acknowledge that our work builds on the achievements of our predecessors as Co-Chairs, Ayman Shasly and Ewen McDonald.’