GCF Board Accelerates Climate Finance

Over 59 Percent of the funds have been allocated for adaption projects in developing countries.

5 Dec 2021 by OOSKAnews Correspondent
INCHEON, South Korea

In the run-up to COP26 in Glasgow, the Board of the Green Climate Fund (GCF) approved a record- breaking 13 new projects for mitigation and adaptation action, with $1.2 Billion USD in GCF resources allocated for climate action.

Over 59 Percent of the funds have been allocated for adaption projects in developing countries. A little over 50 Percent of the funding will go to Small Island Developing State, Least Developed Countries, and African States and 35 Percent will be directed to entities working at a regional or national level. Approved funding proposals include programmes to catalyse private sector climate finance and investment.

Co-Chair José De Luna Martínez, from Mexico, stated: “This has been a record year for GCF, with nearly USD 3 billion approved by the Board for urgent climate action. As we head into the crucial COP 26 meeting, the Green Climate Fund is fulfilling its role to deliver support for climate action in developing countries.”

GCF Executive Director Yannick Glemarec stated: “GCF has accelerated the programming of climate finance in 2020-2021 to maintain climate ambition in the context of COVID-19. We are now allocating funds to new projects as soon as they are received, in response to increasing demand from developing countries. The Secretariat is also moving those funds more rapidly and efficiently to implement climate action on the ground, and our report to the Board reflects the increases in the speed of project review and in project implementation that have allowed us to disburse over USD 2 billion to date.”

Of particular importance is the allocation of an additional $17.5 Million USD for enhancing climate resilience in Thailand through effective water management and sustainable agriculture. This 2016 program, jointly undertaken with United Nations Development Programme and the Government of Thailand targets an estimated 25 million indirect beneficiaries in the Great Chao Phraya River Basin. Generally, the programme is directed to improve climate risk-informed planning in the water and agriculture sectors; strengthen water management infrastructure for greater resilience to projected climate change; and, increase resilience of agriculture livelihoods in drought and flood prone areas.

Additionally, a $9.5 Million USD grant has been allocated for enhancing community resilience and water security in the Upper Athi River Catchment Area in Kenya. This new financing will aid an estimate 4 million people in the least water-secure region in the country. Many of the river’s tributaries have either been significantly reduced or dried up completely. Due to the reduced availability of surface water, reliance on groundwater has increased exponentially. The programme will boost integrated water resources management practices and investment in water supply infrastructure in four vulnerable counties. Interventions include hydrological and meteorological information management; installation and rehabilitation of water infrastructure; and strengthening planning and regulatory frameworks for water resource management.