Record finance and increased impact: GCF delivers for ‘implementation COP’ as it marks 10 years of climate action

Belém, Brazil - On the opening day of COP30, the Green Climate Fund (GCF) heralded a record programming year and greater climate impact as it marked the tenth anniversary of its operations.

“2025 is the year where we have programmed the most ever – USD 3.26 billion in new climate finance. But impact is equally important,” stressed Mafalda Duarte, GCF Executive Director, at the official side event, “GCF.10: A Decade of Impact.”

“This COP rightly focuses on implementation and accountability, so, it's quite timely to reflect on ten years of programming and delivery of financing of GCF, and, at the same time, take stock in terms of what have we learned and what do we take going forward,” continued Duarte.

“We are very committed to really analysing the impact of our portfolio and drawing the lessons from that impact,” stated Duarte at the event, which launched the GCF.10 Impact Report.  The report describes the growing impact of GCF’s work over the past ten years, since the approval of its first projects in November 2015 on the eve of the adoption of the Paris Agreement.

Reem Alabali Radovan, German Minister for Economic Cooperation and Development, told the meeting that the decade of action was a milestone achievement.

“As we mark ten years of the Green Climate Fund, we are not only celebrating a milestone. We are reaffirming a mission: to make climate finance work where it matters most,” she stated.

“We strongly believe that GCF plays a vital role in its partner countries and supports the shift to a low-carbon economy. I would like to emphasise that Germany remains a reliable and ambitious partner in global climate action. We will not choose resignation. We choose responsibility. Let’s use the GCF as the global hub where public trust meets private innovation. And where climate ambition turns into an investable opportunity. Together, we can make the second decade of the Green Climate Fund one of acceleration, leverage, and lasting impact. Because climate finance is not just about filling a gap, it is about shaping the global economy of tomorrow,” continued Radovan.

Komla Dodzi Kokoroko, Minister of Environment, Forest Resources, Coastal Protection and Climate Change, Togo, also addressed the event. He stressed that the mobilisation of climate finance remains well below the country’s actual needs in the face of the global climate emergency.

He stated, “This reality underscores the importance of our partnership and strengthening our collaboration with the GCF. We remain confident that we can count on you to sustain a truly win-win partnership in the service of Togo that strives to be a model of climate leadership on the continent.”

Simon Kilepa, Minister for Environment, Conservation and Climate Change, Papua New Guinea (PNG), outlined the grave threats posed by climate change to PNG and other Pacific islands, and called for a broad coalition to provide financial and technical support to the Pacific.

The Minister stated, “I must congratulate all those here for the progress of the Green Climate Fund. It represents a unique combination of our diverse nations to take action on climate change. With over USD 19 billion in finance mobilised for developing countries, the Fund is truly a global effort and a sign of our progress in tackling climate change.”

Following the keynote speeches, a panel of global climate champions and GCF partners provided reflections on how GCF financing had unlocked additional investments over the past decade and the priorities for the Fund as it looks ahead to the next ten years.

The panel comprised Rachel Kyte, the UK’s Special Representative for Climate, Benoit Faraco, France’s Special Climate Envoy, Claudia Godfrey, Director of Innovation and Strategic Management of Profonanpe, Helen Magata, member of the GCF’s Indigenous Peoples Advisory Group, Barbara Buchner, Global Managing Director of the Climate Policy Initiative, and Andrew Johnstone, Director and CEO of Climate Fund Managers.

Last month’s GCF Board meeting approved 22 new projects, bringing the 2025 total to USD 3.26 billion of GCF funding, a new high surpassing the Fund’s previous record of USD 2.9 billion in 2021. GCF now has a portfolio of 336 projects amounting to USD 19.3 billion in GCF resources, USD 78.7 billion when expected co-financing is included.

The side event is part of GCF.10, an anniversary commemoration that looks back on GCF’s journey and impact. Ten years after GCF approved its first projects in November 2015, and a decade since the Paris Agreement was adopted, the milestone provides an opportunity for GCF and partners to take stock and reaffirm their commitment to scaling up impactful climate finance for developing countries.