The 24th Green Climate Fund (GCF) Board meeting opens today to consider expanding the Fund’s support for climate action beyond the 99 developing countries currently receiving GCF climate finance.
The three-day meeting at GCF headquarters in Songdo, the Republic of Korea, will assess a total of 14 new climate finance proposals worth USD 484.6 million. If all projects are approved, this is expected to generate USD 2 billion in co-financing with GCF’s climate action partners.
The Board will also decide whether to accredit seven new partners to propose and implement paradigm-shifting initiatives funded by GCF that reduce greenhouse gas emissions and bolster the ability of developing countries to deal with the climate crisis.
The last Board meeting of 2019 is buoyed by GCF’s first replenishment conference held on 25 October, when 27 countries pledged to expand GCF’s financial reserves by providing USD 9.78 billion equivalent for the next four years.
To date, GCF has committed USD 5.2 billion to 111 climate action initiatives across the planet.
The Board meeting will be attended by over 250 participants, including observers from civil society and private sector organisations, National Designated Authorities (NDAs), which are the national conduits to the Fund, and Accredited Entities and other partners who assist in delivering climate finance to developing countries.
Meetings of the GCF Board, which decides on funding proposals and oversees GCF’s governance, are generally held three times a year. The 24 Board members represent developing and developed countries equally.
See the Boardroom section to find out more about the issues to be addressed at the 24th Board meeting or check out the live stream for immediate updates. You can follow us on Twitter for Board updates.