GCF conference opens with calls from developing countries for increased finance for climate action
Three-day event convenes Ministers to discuss climate priorities for GCF’s next funding period
The Green Climate Fund has convened more than 60 developing country Ministers and high-level officials alongside a broad range of partners in the Republic of Korea to discuss how to increase momentum for climate action in the face of mounting global economic pressures and uncertainty.
The Global Programming Conference (GPC) takes place shortly after GCF launched its second replenishment, which will provide GCF with funds for new climate action for the 2024-2027 period. The replenishment process, which will culminate in a pledging conference next year, will also set the priorities for the coming period.
GPC is bringing together Ministers, GCF National Designated Authorities or Focal Points, Accredited Entities and Delivery Partners to provide a platform for high-level dialogue, mobilise partnerships that create impact and to turn long-term climate planning into mitigation and adaptation investments on the ground. Over the course of the three days, participants will be invited to share their views about how GCF should target and deliver its resources for maximum climate impact.
Speakers at the opening session included Mark Brown, Prime Minister of the Cook Islands; Fatmir Bytyqi Deputy Prime Minister of the Republic of North Macedonia; Yoo Jeong-Bok, Mayor of Incheon Metropolitan City and GCF Executive Director Yannick Glemarec.
Addressing the opening session, Yannick Glemarec outlined how GCF is increasing access to climate finance, and its strategy to mobilise the much larger amounts of finance needed for global climate action.
Glemarec said, “We have made significant strides to increase the speed of project appraisal, approval, implementation, and disbursement. Today, we are one of the fastest financial institutions for full scale projects.”
He noted a number of improvements made to simplify GCF procedures, but also emphasized the need to harmonise funding procedures across the multiple organisations active in the climate finance landscape.
“With over 200 delivery partners, GCF’s role is increasingly to act as a hub of climate finance and create coalitions for transformative change. We aim to leverage this climate hub role to unify processes with multilateral institutions, delivery partners and bilateral financing partners.”
GCF has now entered its second replenishment cycle (GCF-2), which will culminate in a donor pledging conference in Autumn 2023. GPC is an important step in that process, allowing GCF partners to directly inform the organisation’s programming and strategy for replenishment.
Glemarec stated “I hope to hear from many of you over the coming days about your hopes and expectations for the GCF-2 period, and how we can work more effectively with you to deliver your climate ambitions. For a successful GCF-2 replenishment that builds on GCF-1, we must have a credible programming track record combined with a compelling vision for the future.”
Mark Brown, Prime Minister of the Cook Islands, underscored the need for collective global action, “The Paris Agreement is a collective treaty, one in which we all are engaged together for the benefit of our one world. In turn we must approach climate finance in the same way. Previously and pre-Covid, I outlined here that up to 16% of our GDP was funding climate related activities from our own budget. Today, we are not able to consider this approach, so we turn to our partners and seek to strengthen those relationships.”
“Let this not be just a photoshoot, let us strengthen our will to really address our issues together,” he added.
Fatmir Bytyqi, Deputy Prime Minister of the Republic of North Macedonia spoke of the need for sustainable, global solutions, saying “We need to leave the established concepts of dependencies and switch to a new era of interdependency… which will catalyse climate innovation by investing in new technologies, business models and practices.”
Please see the GPC webpage for full details of the event and programme.
More about GPC:
GPC provides an important platform for GCF’s partners to inform GCF programming and strategy around the Fund’s second replenishment. It is also an opportunity to advance country programming, share lessons from implementation and disseminate knowledge of GCF operational tools and to strengthen the GCF partnership network.
With nearly USD 11 billion in approved climate funding and a total portfolio of over USD 40 billion, GCF is the world’s largest multilateral climate fund mandated to support developing countries to raise and realise their climate ambitions.
Events such as the GPC are a critical feature of the Fund’s partnership-driven model, allowing GCF to better serve the needs of developing countries.
Details of GCF’s climate project portfolio can be found on the GCF website.