"Global climate ambition must keep rising, and it must be backed by finance that continues to grow in scale and quality. Developing countries are counting on it. Our shared future depends on it,” stated Green Climate Fund (GCF) Executive Director Mafalda Duarte, following the closing of COP29.

She continued, “I am pleased that the New Collective Quantified Goal on Climate Finance [NCQG] has recognized the Green Climate Fund’s central role in channeling resources to developing nations facing escalating climate impacts while helping them build prosperous economies of the future.”

“Over a year ago, GCF embarked on unprecedented reforms to become an institution fit for the times and capable of managing at least $50 billion by 2030. We are working to deliver with greater efficiency, maximize our impact, and scale up to meet the moment and realize the Fund’s full potential.”

“We have already made progress in transforming how we do business and this is only the beginning. As the NCQG takes shape and climate finance targets trend upward, GCF will be ready to meet the challenge."