Why B.45 matters: Three reflections from Dushanbe

As I left Dushanbe following the 45th meeting of the Green Climate Fund (GCF) Board, I found myself reflecting not only on the decisions we took but also on what they signal about the direction of GCF and the future of climate finance.

B.45 was historic. Hosted by the Government of Tajikistan, it was the first time the GCF Board met in Central Asia. The warmth, professionalism and hospitality of our hosts ensured a successful meeting while underscoring Tajikistan's strong commitment to international cooperation and climate action.

The significance of holding the Board meeting in the region went beyond logistics. It reflected a broader shift in the global climate landscape. Eastern Europe, Central Asia and the Middle East face growing climate risks yet have historically received a relatively small share of international climate finance. Increasingly, however, these regions are becoming central to global efforts to build resilience and accelerate climate action.

The outcomes of B.45 reinforced this momentum. The Board approved new investments in Tajikistan and the Kyrgyz Republic aimed at strengthening water security, supporting livelihoods and enhancing resilience in vulnerable communities. It also approved GCF's first project in Syria — a landmark decision demonstrating that climate finance can help support resilience and recovery even in some of the world's most challenging contexts.
For those of us working across the region, these decisions reflected a deeper trend. Countries are increasingly moving beyond stand-alone projects and towards long-term investment programmes that strengthen institutions, build resilience and deliver transformation at scale.

B.45 was also a reminder that GCF continues to evolve as an institution. Alongside new investment approvals, the Board adopted a range of operational decisions, including a new Gender Action Plan, that will help make GCF more responsive, more effective and better equipped to deliver impact.

The goal is not simply to move faster. It is to combine speed with quality. Countries expect climate finance institutions to be both efficient and effective, and that expectation is helping drive efforts across the Secretariat to simplify processes, strengthen implementation and focus on results.

These efforts are already translating into progress on the ground. Across our region, GCF is working more closely with governments to develop country-led investment pipelines and strengthen direct access. Country Platforms, including in Kazakhstan, are bringing together governments, development partners and private sector actors around shared investment priorities.

The results are encouraging. GCF investments in the Middle East have tripled, the portfolio in Central Asia has doubled, and support continues to expand across areas such as water security, climate-resilient agriculture, energy efficiency, glacier resilience and the energy transition.

As preparations for the GCF-3 replenishment gather pace and international climate negotiations build momentum ahead of COP31, discussions about the future of climate finance are becoming increasingly prominent.

In this context, GCF's strongest case is simple: continue demonstrating results. Deliver impact efficiently, strategically and in partnership with countries. Support governments in translating climate ambitions into concrete investments that improve lives and strengthen resilience.

For our regional team, B.45 was both a milestone and a reminder of the work that lies ahead. Bringing the Board to Central Asia helped shine a spotlight on a region that faces significant climate challenges but also holds extraordinary opportunities for transformational climate investment.

I left Dushanbe optimistic. Climate change is accelerating, and climate finance must accelerate with it. B.45 reaffirmed that GCF is becoming a stronger, more agile and increasingly country-driven institution. If we continue to focus on tangible results and support countries in turning ambition into investment, the momentum generated in Dushanbe will extend far beyond this Board meeting.
 

By Thomas Eriksson
Director of the Eastern Europe, Central Asia and the Middle East Region