GCF Board gathers in Liberia to discuss strategy to better support climate action
Monrovia – Board members, advisors and active observers are convening here to discuss how the Green Climate Fund (GCF) can sharpen its vision and strategic priorities to deliver greater impact in support of climate action in the developing countries it serves. As the world’s largest fund dedicated to empowering countries to reduce GHG emissions and adapt to climate change, GCF drives climate finance to where it is needed most: developing countries, including those particularly vulnerable to climate change, among them African States, Small Island Developing States, and Least Developed Countries.
The Government of Liberia is hosting the three-day, informal Board meeting. H.E. the Honourable George Weah, President of the Republic, said: “Protecting our planet now is not a choice but a mandate for this generation. As such, all governments, from both developed and developing countries, must harness resources through the Green Climate Fund to promote low carbon economies and climate resilient development.”
The GCF Board, consisting equally of developing and developed country representatives, is meeting to progress the Fund’s strategic vision, priorities and plan for the next four years, to support countries’ efforts to combat the climate crisis and achieve their Paris Agreement goals.
Nauman Bashir Bhatti of Pakistan, who takes over the reins as a new GCF Board Co-Chair this year, said: “As a country-driven organisation, GCF must ensure it responds effectively to the needs and priorities of developing countries, and align its stakeholder engagements, portfolio, and financing accordingly. The review of the Strategic Plan will be taking this into consideration.”
Sue Szabo, new Co-Chair from Canada, said: “This week’s meeting is taking place at a critical time for the Fund. A successful replenishment in 2019 means GCF must enhance its strategy to dramatically scale-up its programming and reach more vulnerable people, communities and countries with flexible and innovative solutions.”
Liberia is particularly vulnerable to the negative effects of climate change. With 560-kilometres of coastline and 70 percent of the population living in coastal cities, sea level rise and erosion both pose significant threats to the country.
Hon. Samuel D. Tweah Jr., Minister of Finance and Development Planning of Liberia said: “In the wake of advancing GCF’s Strategic Plan, the meeting in Liberia this week offers an opportunity for the Fund to understand the depth of the threats posed by climate change on developing countries and the need to provide resources faster.”
Of GCF’s total approved funds of USD 5.6 billion, nearly 40 percent, or 2.2 billion, has been directed to African countries to support approximately 50 projects.
While expressing his gratitude to the Liberian Government for hosting the board meeting, Yannick Glemarec, GCF Executive Director, said: “The burgeoning demand for climate finance reflects the high ambitions shared by many developing countries to scale up climate action and the urgent need to do so. I’m confident this meeting will help refine the Fund’s strategy to finance transformative initiatives with life-changing potential.”