Executive Director unveils “50by30” blueprint for reform, targeting USD 50 billion by 2030
Mafalda Duarte, the Executive Director of the Green Climate Fund, announced the tenets of her vision and reform programme to enable the Fund to efficiently manage USD 50 billion by 2030.
Revealed at the UN Climate Ambition Summit in New York, the “50by30” vision sets out to:
- Enhance support for the most vulnerable people and communities
- Mobilise private sector participation and investments
- Reinvent the partnership model including the accreditation process
- Expedite project review and approvals
- Pivot operations to prioritise broad-scale, system-transforming programmes over isolated projects
“50by30” is a vision to chart a new course for the world’s largest multilateral climate fund, which today has USD 17 billion in capital, over 100 implementing partners, and financial instruments unmatched in their flexibility and reach.
The blueprint aims to reduce unnecessary complexity and transaction costs and coalesce multiple partners around a singular vision for transformation, empowering the Fund to realise its full potential as a partner of choice for country-led climate action.
“The Green Climate Fund is a unique institution. It has the scale of resources, the flexibility to address key barriers and risks, and the ability to not only support institutions that have not previously received climate finance but also bring together different institutions for greater impact,” said Mafalda Duarte, Executive Director of the Green Climate Fund. “I commend the founding parties of the GCF for their vision and call on its champions to help us fully honour that initial vision and unique potential.”
Meanwhile, six countries announced additional contributions to GCF at the UN Climate Ambition Summit.
Pledges were received from: France (EUR1.61 billion); Iceland (USD 3.2 million); Luxembourg (EUR 50 million); Slovakia (EUR 2.2 million); Slovenia (EUR 1.5 million); Spain (EUR 225 million).
“I am grateful for the pledges we have received. I hope these will spur others to join and help GCF deliver more ambitious programming as we work to increase the resilience of the most vulnerable people and communities and transform economies.”
Building momentum toward the Fund’s second replenishment, the pledges above follow commitments made by Austria (EUR 160 million), Canada (CAD 450 million), Czechia (USD 4 million), Denmark (USD 232 million), Germany (EUR 2 billion), Monaco (EUR 3.3 million), the Republic of Korea (USD 300 million) and the United Kingdom (USD 2 billion).