Seven new projects are ready for implementation after their project agreements were signed on the margins of the Green Climate Fund’s 44th Board meeting (B.44).

Following the approval of 18 new projects at B.44, the Green Climate Fund (GCF) and its Accredited Entity partners immediately signed Funded Activity Agreements (FAA) for seven projects at a signing ceremony on 28 March. Of the seven, two projects became effective, and one is expected to receive its first disbursement in a couple of days. 

The quick turnaround for the seven projects reflects GCF’s commitment and ongoing efforts to accelerate climate finance delivery.  It is a key part of the Fund’s reform agenda, which focuses on increasing GCF’s efficiency and impact, thereby enabling the Fund to expand access to climate finance and deliver it more quickly to communities.

As part of this fast-track delivery, FAAs were signed for four projects that were submitted and approved under GCF’s Simplified Approval Process (SAP). In addition, FAAs were signed for GCF’s first single-country projects in Chad and Jamaica.

B.44, which took place in Songdo, Incheon, Republic of Korea, from 25 to 28 March, saw the landmark decision of host countries selected for regional offices, bringing GCF operationally closer to the developing countries it serves. The Board also approved USD 960.3 million in climate finance for 18 projects, raising GCF’s total portfolio to the USD 20 billion across 353 projects and programmes.

The seven projects are:

SAP066: SCALE – Strengthening Chad’s Adaptation for Land, Ecosystems and Smallholders with ACTED

SAP067: Catalyzing a Climate Risk Protection Shield for Zambian Smallholder Farmers with the Ministry of Finance and National Planning (Zambia)

SAP068: Scaling up national adaptive capacities for climate change-driven natural hazards through strengthening monitoring and early warning systems with the Environmental Project Implementation Unit of the State Agency of the Ministry of Nature Protection of the Republic of Armenia (EPIU)

SAP069: Strengthening Community Resilience to the Adverse Effects of Climate Change with an Emphasis on Food Security and Gender Considerations in Priority Areas of Ecuador - FORECCSA+ with Inter-American Institute for Cooperation on Agriculture (IICA)

FP290: PURE Rural Mozambique Climate Project: Driving Mozambique's climate resilience through energy access and climate-smart productive use of renewable energy with Enabel

FP299:  ADAPT Jamaica: Enhancing climate change resilience of vulnerable smallholders in Central Jamaica with Food and Agriculture Organization of the United Nations (FAO)

FP300: Peru’s Natural Legacy – Amazon & Climate (PdP A&C): Effective Management of Peruvian Amazon Protected Areas for Climate Change Mitigation and Adaptation with World Wildlife Fund (WWF)

For more information about the projects, click here.