GCF affirms its commitment to Least Developed Countries
“This meeting was an opportunity to transform the strategic initiatives of LDCs into advanced actions through partnership and collaboration with development partners, mainly GCF, in its vital support to build a more economically vibrant, socially inclusive and environmentally sustainable development throughout LDCs,” said Dr Fekadu Beyene, Commissioner in the Environment, Forest and Climate Commission of Ethiopia.
“This meeting was a classic example of the sustainable support needed from international climate finance organisations in assisting the efforts of Least Developed Countries in realising their vision of tackling the negative impacts of climate change and efficient utilisation of opportunities,” he added.
Ayaan Adam, Director of the Private Sector Facility at GCF, noted the importance of LDCs to the Fund. "Our engagement with the LDCs reflects the breadth of transformative climate action necessary in the countries that are the most vulnerable to climate change, whose special circumstances need to be carefully taken into account.”
“GCF is a special institution with a diversity of financing instruments and support programmes. Through these, we can work across the spectrum of climate change needs in the LDCs, responding to their geographic and economic diversity. It is with pride that we will continue to work hard to become in a near future, a financing partner for all 47 countries in the Least Developed Countries,” she said.
The event brought together GCF partners in the LDCs, including National Designated Authorities (NDAs) and Focal Points (FPs), Accredited Entities (AEs) and other stakeholders. They had an opportunity to exchange experiences and best practices in promoting sustainable development as well as increase the understanding of GCF procedures and boost the engagement with the Fund.
Least Developed Countries are the most vulnerable to the damaging effects of climate change. Their economic development and growth highly depend on climate-sensitive sectors. LDCs are one of the main priority regions for the GCF. The Fund has approved 34 funding proposals in LDCs worth USD 2.8 billion of GCF resources, leveraging co-financing of over USD 1.6 billion. Of these projects 17 are dedicated for adaptation, 6 for mitigation, and 11 addressing synergies between adaptation and mitigation. Supporting adaptation in the most vulnerable regions is a major strategic priority for GCF. To date, 70% of all GCF adaptation funding goes LDCs, SIDS and African States. In addition, GCF has provided Readiness support to 36 LDCs, boosting their capacity to engage with GCF, develop projects and tackle the challenge of climate change.