The Fund is a unique global platform to respond to climate change by investing in low-emission and climate-resilient development. GCF was established to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change. Given the urgency and seriousness of this challenge, the Fund is mandated to make an ambitious contribution to the united global response to climate change.The climate challenge >
GCF at a Glance
A thought-provoking session at the GCF pavilion today explored how the private sector can mobilise capital to help developing countries deal with climate change. "We need innovation both in finance, technology and thinking to accelerate our response to climate change," Ayaan Adam, Director of GCF's Private Sector Facility, told the audience of the Innovative Finance session. Panellists and the audience discussed how to unlock private sector finances to generate the trillions of dollars needed to reduce emissions and make societies more climate resilient.
GCF accelerates project implementation at COP
GCF continued to use its presence at COP24 to drive climate action on the ground with its climate finance partners. This morning, it signed an agreement with Moroccan-based corporate and investment bank CDG Capital to enable this Direct Access Entity to begin proposing projects to receive GCF financing. In the evening, it set in place the legal framework to begin passing funds to Rwanda's Ministry of Environment in a project that will increase the climate resilience of farmers.
GEF-GCF event focuses on breaking silos for climate action
Naoko Ishii, CEO of the Global Environment Facility, stressed the importance of a system-based approach, and of breaking silos to fight climate change at a joint meeting with GCF at COP24. Javier Manzanares, GCF Executive Director a.i. identified three priorities for common action with GEF: scaling up projects, encouraging direct access, and developing country programmes. The need for cooperation was emphasised by Carlos Manuel Rodriguez, Minister of Environment and Energy of Costa Rica, who stated that the two funds are the way forward in Costa Rica, and need to work together.