GCF was established under the Cancún Agreements in 2010 as a dedicated financing vehicle for developing countries within the global climate architecture, serving the Financial Mechanism of the UNFCCC and the Paris Agreement. Since the approval of the first project funding in 2015, GCF has made rapid strides in building a portfolio of more than 100 projects.
The story so far
2019: Contributors have pledged more than USD 9.8 billion for the GCF-1 programming period.
2018: With over USD 5 billion in resources committed to climate change projects, GCF launches its first ever replenishment.
2017: The Fund made great strides in accelerating climate action on the ground, with 19 projects under implementation by the end of the year, totalling USD 633 million in GCF resources.
2016: Marks GCF’s first full year of operations, with the Fund developing a project portfolio of 35 projects, worth over USD 1.5 billion by the end of the year, to be implemented by its 48 Accredited Entities.
2015: The first investment decisions are taken, including both mitigation and adaptation projects, meeting the target set by the UNFCCC in advance of the Paris COP. 195 countries agree to the historic Paris Agreement, which GCF now serves as a financial mechanism of the Convention.
2014: Following the establishment of its operational principles and guidelines, GCF commences its initial resource mobilization, raising over USD 10 billion equivalent by the end of the year. Initial mobilization lasts until 2018, while the Fund remains open for further contributions during this time from both public and private sources.
2013: GCF’s first Executive Director Héla Cheikhrouhou is appointed. The Fund establishes its permanent headquarters in Songdo, Republic of Korea, in December 2013.
2012: GCF’s governing Board holds its first meetings. The Board is equally balanced with members from both developed and developing countries.
2011: GCF’s Governing Instrument is adopted in Durban, South Africa (COP 17), where it is given the mandate to make “an ambitious contribution to the global efforts towards attaining the goals set by the international community to combat climate change.”
2010: The COP in Cancun, Mexico (COP 16), decides to establish GCF.
2009: The general concept for GCF is first proposed at the Conference of the Parties (COP) to the UNFCCC in Copenhagen, Denmark (COP 15).