GCF portfolio reaches $11.3 billion with new climate projects approved by GCF Board – Global

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34th GCF Board Meeting Sees Adoption of Accreditation Strategy and Progress in Developing GCF-2 Strategic Plan

The Green Climate Fund (GCF) Board has concluded its 34th meeting, the fourth and final Board meeting of the year. The in-person meeting, held in Incheon, Republic of Korea, approved nine new climate projects worth $544.1 million in GCF funding and $1.7 billion in co-funding. With the new projects, the GCF portfolio now comprises 209 projects and programs and amounts to $11.3 billion in GCF resources and $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 organizations and accredited the Zambia National Commercial Bank Plc (ZANACO) as a new partner of the Funds.

Progress was made in the ongoing review and update of the strategic plan for the second GCF programming period 2024-2027 (GCF-2) with discussions on the timeline and work plan. Discussions took place on the direction of GCF programming, including a presentation by the Independent Evaluation Unit on its summary findings from the second performance evaluation of the GCF, which informed the discussions. Germany has expressed interest in hosting the donors’ conference next year for the second replenishment of the GCF.

The Board has adopted a policy to minimize the effect of currency fluctuations on the GCF’s commitment power, which is the amount of resources available for funding decisions. In addition, the 2023 work plans and budgets for 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 update existing salary scales.

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

Co-Chair Tlou Emmanuel Ramaru said, “I thank my fellow Council members for their spirit of collaboration. Together, we have succeeded in elevating the GCF to higher levels. As we close the last Board meeting of 2022, I am delighted to see that GCF support for climate action in developing countries has grown to 209 projects and $11 billion in GCF resources. . I am also pleased to see that progress has been made on many fronts, with several policies and frameworks being put in place to help increase developing countries’ access to GCF resources. This will put the GCF in good standing for its second replenishment.

Co-Chair Jean-Christophe Donnellier said, “The productive discussions at this Board meeting indicate that the GCF continues to mature as an organization with continued improvements in the implementation of its portfolio and the policies of the Board. accompanying board of directors, such as its accreditation model. I am also encouraged by the rich discussions on the climate ambitions and the long-term vision of the GCF, which provide the first building blocks of the updated strategic plan for 2024-2027, which is essential as we look to the second replenishment of the GCF.

GCF Executive Director Yannick Glemarec said, “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 work plan prioritizing access and steady portfolio growth. I also take this opportunity to thank the outgoing co-chairs, Tlou Emmanuel Ramaru and Jean-Christophe Doneillier. Through their stewardship, the GCF is in a very strong position and path to have a transformational impact in its second replenishment.

The 34th GCF Board Meeting approved the following projects:

  • $23.3 million for building adaptation and community resilience by improving water security in Vanuatu with the Pacific Community (FP191);

  • $39.4 million for The R’s (Reduce, Reuse and Recycle) for Climate Resilience Wastewater Systems in Barbados (3R CReWS) with Caribbean Community Climate Change Center (CCCCC) (FP192);

  • $9.0 million for Peruvian Amazon Eco Bio Business Facility (Amazon EBBF) with PROFONANPE (FP193);

  • $220.5 million for the Cool Building Energy Efficiency Program (PEEB) with the French Development Agency (AFD) (FP194);

  • $76.6 million for E-Motion: E-Mobility and Low Carbon Transportation with Development Bank of Latin America / Corporación Andina de Fomento (CAF) (FP195);

  • $105.5 million to support innovative industrial energy efficiency financing mechanisms in Indonesia with lessons to be replicated in other ASEAN member states with the Korea Development Bank (FP196);

  • $40.5 million for Green Guarantee Company (GGC) (as a first tranche with subsequent investments up to a total amount of $82.5 million as GGC grows) with MUFG Bank (FP197);

  • $26.9 million for the CATALI.5°T initiative: Concerted Action to Accelerate Local I.5° with GIZ (FP198);

The following project has been approved under the GCF Streamlined Approval Process (SAP):

  • $9.8 million for the adaptation of agricultural production systems in coastal areas of northwestern Guinea-Bissau with the Sahara and Sahel Observatory (OSS) (SAP025).

Two project agreements (also known as funded activity agreements; FAA) were signed following Board approval, reflecting the speed and urgency of implementing the projects on the ground. These include the Barbados Climate Resilient Wastewater Systems Project with the Caribbean Community Climate Change Center (CCCCC) (FP192) and the Adaptation of Agricultural Systems Project in Guinea-Bissau with the Caribbean Community Climate Change Center (CCCCC) (FP192). Sahara and Sahel Observatory (OSS) (SAP025). An AAF was also signed for the Building Climate Resilient Safer Islands in the Maldives (FP165) project with the Japan International Cooperation Agency (JICA) (approved at the 29th Board meeting) on ​​the margins of the Board meeting.

More information about the projects can be found here.

The GCF Board has approved the accreditation of the Zambia National Commercial Bank Plc (ZANACO), based in Zambia, and the reaccreditation of:

  • Ministry of Environment of Rwanda (MOE Rwanda), based in Rwanda;

  • National Bank for Agriculture and Rural Development (NABARD), based in India;

  • PT Sarana Multi Infrastruktur (PT SMI), based in Indonesia;

  • XacBank LLC (XacBank), based in Mongolia;

  • World Wide Fund for Nature, based in the United States of America.

CONTACT

GCF communications
[email protected]
+82 32 458 6338

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