Resource mobilisation

GCF's second replenishment

The Green Climate Fund (GCF) – a critical element of the historic Paris Agreement – is the world’s largest climate fund mandated to support low emission, climate-resilient development pathways. As an operating entity of the financial mechanism of the UNFCCC, GCF has become a vital part of the global climate finance architecture – mobilising USD 10 billion during its first replenishment and investing in transformational climate projects worth over USD 40 billion (including co-financing) in more than 100 countries.

The COVID-19 pandemic has brought the world to a tipping point or a turning point in the fight against climate change. Now more than ever, to avert climate breakdown, developed and developing countries must act and raise climate action and ambitions. GCF’s second replenishment (GCF-2) is critical to operationalising the global collective goal of ambitious and accessible climate finance. GCF-2 will further strengthen GCF’s ability urgently respond to the climate crisis and empower climate action in developing countries during this Decade of Action, specifically for the 2024 – 2027 period.

Process

The 33rd meeting of the GCF Board in July 2022 officially launched the GCF-2 replenishment cycle. The replenishment process consists of a series of organisational and consultation sessions which will culminate in a pledging conference in 2023.