The GCF Board launched its first replenishment, investing over US$1 billion in developing country climate action.
Among other project and programmes approved by the Board, UNDP-supported climate resilience projects in India and Comoros received over US$40 million in GCF grants.
21 October 2018: The Green Climate Fund (GCF) Board launched GCF’s first replenishment, approving over US$1 billion for 19 new projects in developing countries. Together with co-financing, these projects will channel over US$4.2 billion in climate financing for low-emission and climate-resilient development. So far in 2018, GCF has approved 42 new projects mobilizing over US$8 billion in climate financing, including co-financing.
The Board also: appointed the World Bank as GCF’s trustee; initiated the Independent Evaluation Unit to perform a review of GCF; approved 16 new Accredited Entities for GCF project implementation; and discussed developing a process for decision making in the absence of consensus. The newly appointed interim Executive Director Javier Manzanares stated: “With a rapidly growing portfolio, accelerating implementation on the ground, and a pipeline of US$17 billion showing huge demand, GCF is now entering its first replenishment ready to step up its support of developing countries’ climate action.”
GCF is now entering its first replenishment ready to step up its support of developing countries’ climate action.
Projects and programmes approved by the GCF Board include:
- US$100 million for Indonesia Geothermal Resource Risk Mitigation Project, with the World Bank;
- US$101.4 million for Green Cities Facility in Albania, Armenia, Georgia, Jordan, Moldova, Mongolia, Serbia, Macedonia and Tunisia, with the European Bank for Reconstruction and Development (EBRD);
- US$279.7 million for Transforming Financial Systems for Climate in Benin, Burkina Faso, Cameroon, Côte d’Ivoire, Ecuador, Egypt, Kenya, Madagascar, Mauritius, Morocco, Namibia, Nigeria, Senegal, South Africa, Tanzania, Togo and Uganda, with Agence Française de Développement (AFD); and
- US$35.8 million for Upscaling Climate Resilience Measures in the Dry Corridor Agroecosystems of El Salvador (RECLIMA) with the Food and Agriculture Organization of the UN (FAO).
Also, India received a US$43 million GCF grant for a climate resilience project to be implemented in the coastal states of Andhra Pradesh, Maharashtra and Odisha starting in early 2019. India will finance an additional US$86.8 million for the six-year project to be led by the Ministry of Environment, Forest and Climate Change, with support from the UN Development Programme (UNDP). Besides offsetting 3.5 million tons of carbon dioxide (CO2) through sequestration by restored ecosystems over 30 years, the project will build climate-resilient livelihoods for 1.7 million people and benefit another ten million people with improved shoreline protections. The project also aims at reducing inequalities by providing tangible benefits for women, young people and the elderly, as well as members of Scheduled Castes and Tribes.
In Comoros, a US$41.9 million GCF grant will support a climate-resilient water project to be implemented by the Ministry of Energy, Agriculture, Fisheries, Environment and City Planning. The US$60 million project, which secured over US$18 million in co-financing, including support from UNDP, the China Geo-Engineering Corporation (CGC) and the Arab Fund for Economic and Social Development (AFESD), will ensure reliable water supply for 50% of its population which relies solely on rainwater harvesting. The project will strengthen water resources management and environmental monitoring, protect ecosystems and regulate stream flow, and integrate local populations into water resources management.
The GCF Board held its 21st meeting in Manama, Bahrain, from 17-20 October 2018. [GCF Press Release] [India UNDP Press Release] [Comoros UNDP GCF Funding Proposal] [Comoros Reliefweb Press Release] [SDG Knowledge Hub Story on GCF Board 20th Meeting]