GCF financing tops USD 3 billion for consecutive record year as reforms continue to deliver

The 46^th Green Climate Fund (GCF) Board meeting approved 21 projects, accredited 16 new partners, and adopted policies to set the stage for the next programming period (GCF-3). The USD 1.97 billion in new climate finance also included additional financing for an existing facility. The total is the largest approved at a single GCF Board meeting. In 2026, GCF approvals total USD 3.3 billion, a new annual record. The balance sheet efficiency measures introduced at the last Board meeting unlocked additional funding capacity, contributing to the record approval.

The new approvals bring GCF’s portfolio to 379 projects and programmes with USD 22.3 billion in GCF funding across Africa, Asia-Pacific, Latin America and the Caribbean, and Eastern Europe, Central Asia and the Middle East, amounting to USD 87.3 billion when including co-financing.

GCF efficiency reforms are becoming the new normal; 13 of the 15 projects subject to the Efficient GCF standard met it, with an average review time of six months against the nine-month target.

Direct Access Entities (DAEs) will manage 34 per cent of the funding approved at the Board meeting, marking strong support for increasing direct access. Five of the projects are the first single-country projects for their countries: Algeria, Cameroon (two projects), Moldova and Yemen. The projects also include the first direct sovereign loan responding to the Belém call to action for the Congo Basin Forests. Two Brazilian projects (FP326 and FP327) are the first GCF projects approved from the pipeline of a GCF Readiness-supported country platform: the Brazil Climate and Ecological Transformation Investment Platform.

The Board approved 16 new accreditation applicants, 9 of them DAEs. Thirteen are the first entities accredited under the Revised Accreditation Framework, with an average review time of four months against the nine-month service standard, again showing the impact of Efficient GCF. Maldives Finance and Leasing Company Private Limited (MFLC) becomes the first national DAE of Maldives.

In preparation for the GCF-3 replenishment, the Board approved two landmark policies: an updated Policy for Contributions for GCF-3 with greater flexibility to engage with contributors and the Fund’s first-ever Policy for Contributions from Other Sources to mobilize contributions from non-sovereign and alternative sources.

The reappointment of Mafalda Duarte for a second four-year term follows a Board meeting that highlighted her vision, boldness and courage in implementing major reforms, which have already delivered tangible results in access and efficiency, scale of funding, reach to the most vulnerable, and private sector capital mobilization. Responding to her reappointment and the outcome of the meeting, Mafalda Duarte said:

“I am deeply grateful for the Board's unanimous support in asking me to serve as Executive Director of GCF for a second term. I see it as an unequivocal vote of confidence in our reform agenda and overall ambition for the Fund. Over the last three years we have implemented deep reforms which have already started to demonstrate significant impact, for example through a more efficient and fit-for-purpose accreditation framework and project due diligence, and more efficient management of the balance sheet. And we did this while reaching record levels of finance and approving projects in countries inadequately supported by climate finance. We will continue to build on this momentum and consolidate the reforms, while ensuring the organization is equipped to deliver at a higher scale and with a clear focus on the greatest systemic impact. None of this would have been possible without the strong support of the Board and the unwavering commitment and hard work of GCF staff.”
 

After two years of service, this board meeting was the last to be co-chaired by Leif Holmberg of Sweden and Seyni Nafo of Mali.

Co-Chair Leif Holmberg, Sweden, said:
“This Board meeting has once again demonstrated GCF’s ability to deliver climate finance at scale. With a record level of project approvals and the agreement of a significant package of policies, the Board has laid a strong foundation for the replenishment of GCF’s third programming cycle. These outcomes reflect a Fund that continues to evolve and strengthen, enhancing its capacity to support developing countries and reinforcing confidence in GCF’s ability to deploy climate finance effectively and deliver tangible results on the ground.”

Co-Chair Ambassador Seyni Nafo, Mali said:
“The outcomes of this Board Meeting clearly show GCF’s ongoing determination to meet the climate priorities of developing countries. I am particularly pleased at how we are continuing to deliver on our pledge to strengthen country ownership: 34 per cent of the finance approved at this Board will flow through national and regional Direct Access Entities. We are also bringing GCF finance to first single-country projects in Algeria, Cameroon, Moldova and Yemen. Approving almost USD 2 billion at this Board Meeting is what delivering at scale means: more finance, through country institutions, reaching more countries and communities.”

GCF hosted the 46th Board meeting (B.46) at its Songdo headquarters from 26 to 29 October 2026. GCF works through a network of 193 partner agencies (‘Accredited Entities’) with projects in more than 130 countries. This global network includes 128 regional and national entities (Direct Access Entities or DAEs) from the public, private and non-profit sectors, as well as international financial institutions such as Multilateral Development Banks, United Nations agencies, and commercial banks.

The 21 projects approved at the 46th meeting of the GCF Board (B.46) are:

• SAP073: Building Climate Change Resilience of Vulnerable Households in Selected Localities of Ethiopia with the Federal Democratic Republic of Ethiopia acting through the Ministry of Finance (MOF Ethiopia)
• SAP074: Yemen Climate Water Information Management & Early Warning Systems (CWIMEWS) with International Bank for Reconstruction and Development and International Development Association (World Bank)
• FP310: Improving Climate Resilience in the Steppe and Dry Forest Areas of the Algerian Green Dam (ICR-AGD) with Food and Agriculture Organization of the United Nations (FAO)
• FP311: RACINE: Resilient Agriculture for Climate, Investment, Nature and Equity with the Republic of Cameroon, acting through the Ministry of Economy, Planning and Regional Development (MINEPAT)
• FP312: Securing Permanent Forests to Combat Climate Change and Enhance Sustainable National and Local Economies in Cameroon (SPEFOCE) with International Union for Conservation of Nature and Natural Resources (IUCN)
• FP313: The Africa Sovereign Climate Facility (“ASCF”) with Africa Finance Corporation (AFC)
• FP314: Southern African Industrial Decarbonization Facility (SIDF) with Development Bank of Southern Africa Limited (DBSA)
• FP315: Bhutan Livable and Resilient Cities Project (LRCP) with International Bank for Reconstruction and Development and International Development Association (World Bank)
• FP316: Fiji Coral Reef Resilience Project with World Wildlife Fund, Inc. (WWF)
• FP317: Blue Halo S – Blue Ecosystem Adaptation Mechanism (BEAM) with Conservation International Foundation (CI)
• FP318: Regional Programmatic Approach on Climate Action (RPACA) with Asian Development Bank (ADB)
• FP319: Matanataki Pacific Fund 1 with Enyorra Private Equity Pte. Ltd. (Enyorra)
• FP320: Prosperete Growth Fund with International Finance Corporation (IFC)
• FP321: Moldova Green Shield: Enhancing Resilience through Ecosystem-based Adaptation with International Bank for Reconstruction and Development and International Development Association (World Bank)
• FP322: Climate-resilient Landscapes in Central Asia with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
• FP323: Building Water Resilience in Bogotá and the Region with Conservation International Foundation (CI)
• FP324: GCF Results-Based Payments Mexico 2018-2019 aimed at Forest Conservation and Sustainable Livestock with Food and Agriculture Organization of the United Nations (FAO)
• FP325: Climate Actions for Building Resilience in Coastal Communities (CABRIC) in the Caribbean with Caribbean Community Climate Change Centre (CCCCC)
• FP326: Catalytic SMA (G) (“CSG”) with Banco Nacional de Desenvolvimento Econômico e Social (BNDES)
• FP327: eB Capital Energy Transition and Climate Solutions Fund II with eB Capital Gestão de Recursos Ltda (eB Capital)
• FP328: Transformation Pathways Initiative (TPI) with Finance in Motion Asset Management S. à. r. l. (FiM)

Four of the projects were approved through the Project-specific Assessment Approach (PSAA).

The Board also approved second-tranche funding for:

• FP086: Green Cities Facility with European Bank for Reconstruction and Development (EBRD)

The following 16 entities, 9 of which are DAEs, were approved for accreditation during the B.46 meeting:

• Jordan River Foundation (JRF) of Jordan
• Banque Centrale Populaire (BCP) of Morocco
• Organisation of Eastern Caribbean States (OECS) of Saint Lucia
• Ghana Infrastructure Investment Fund (GIIF) of Ghana
• Infrastructure Credit Guarantee Company PLC (InfraCredit) of Nigeria
• Karandaaz Pakistan (Karandaaz) of Pakistan
• Maldives Finance and Leasing Company Private Limited (MFLC) of Maldives
• National Environment Management Council (NEMC) of the United Republic of Tanzania
• XSML Capital Ltd (XSML) of Mauritius
• Cooperative for Assistance and Relief Everywhere, Inc. (CARE USA)
• International Organization for Migration (IOM)
• Plan International Australia (PIA)
• Standard Chartered Bank (SCB)
• Triple Jump B.V. (Triple Jump)
• United Nations Educational, Scientific and Cultural Organization (UNESCO)
• United Nations Human Settlements Programme (UN-Habitat)