GCF portfolio reaches USD 11.3 billion with new climate projects approved by the GCF Board
25th October 2022 by Charlotte Nightingale
Last week saw the 34th meeting of the Green Climate Fund (GCF) Board held in Incheon, Republic of Korea, from October 17-20. This fourth and final meeting for 2022 of the GCF Board sees the adoption of accreditation strategy and progress in development of GCF-2 strategic plan.
The in-person meeting 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.
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.”
The full press release from the meeting is available here