Global Subnational Climate Fund (SnCF Global) – Equity

Global Subnational Climate Fund (SnCF Global) – Equity

  • Status Approved
  • Date approved 13 Nov 2020 at B.27
  • Est. completion 01 Jul 2032
  • ESS Category Intermediation 2

The goal of the Sub-national Climate Fund Global (SnCF Global or the “Fund”) is to catalyze long-term climate investment at the sub-national level for mitigation and adaptation solutions through a transformative financing model. The SnCF Global’s business model is designed to attract primarily private institutional investment and to deliver certified climate and Sustainable Development impacts and Nature-based Solutions at global scale (SDGs, NbS). The subnational level is key: 70% of known climate solutions are located within the boundaries of subnational authorities. Significant additional investment is needed in this sector to achieve the climate goals of the Paris Agreement. The SnCF Global presents a positive disruptive solution on how subnational climate projects should be structured, de-risked, and funded by both private and public investors, while monitored and benchmarked at the highest level of rigor and quality.

The Fund is designed to overcome project-level barriers and limitations in attracting private investment that leads to chronic underfunding of bankable mitigation and adaptation projects at the sub-national level, specifically at the deal size of USD 5 million to 75 million. Thousands of high merit sub-national projects are bypassed by commercial financing because investors prefer perceived safer and larger investments. The Fund firmly believes that GCF anchor funding and first-loss coverage will unlock both public investors and more importantly, private institutional investors. With GCF support, these investors have expressed willingness to co-invest. This is the first time an impact equity fund mobilizes public (20 %) and private sector (80%) funding at scale to de-risk sub-national middle scale infrastructure projects. 

Total project value


Tonnes of emissions avoided




Result areas

Project timeline


30 Aug 2017 - 1172 days

Concept note received

30 Aug 2017

Funding proposal received

31 Dec 2019

Cleared by GCF Secretariat

30 Mar 2020

Legal opinion on AE's Internal Approval

16 Oct 2020

Cleared by iTAP

19 Oct 2020


13 Nov 2020 - 116 days so far

Approved by GCF Board

13 Nov 2020

FAA executed

23 Feb 2021

Under implementation


01 Jul 2032

  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

EquityUSD 150,000,000


Co-FinancingEquityUSD 600,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 32 4458 6338 (KST)
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6485 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155 (KST)
Send e-mail

Accredited Entity

Pegasus Capital Advisors

Mr. Craig Myles Cogut
Founder, Chairman & CEO
750 East Main Street, Suite 600 Stamford, Stamford, United States
Mr. Brian Lawrence Friedman
General Counsel & Chief Compliance Officer
750 East Main Street, Suite 600 Stamford, Stamford, United States

National Designated Authority

Côte d'Ivoire

Directorate for the Fight against Climate Change, Ministry of Environment and Sustainable Development

Mr. Kouadio Kumassi Philippe
Deputy Director of Climate Change
Cite Administrative, Plateau, Tour D, 10eme etage - 20 BP 650 Abidjan 20, Cote d'Ivoire

Conseil National Climat National Climate Council

Mr Tanguy Gahouma
Adviser to the President of the Republic, Permanent Secretary Conseil National Climat
BP 3850, Libreville, Gabon
Dr Ludovic Ngok Banak
Sustainable Development Advisor
Phone +241 0788 9322

The National Treasury

Mr. Julius Muia
Principal Secretary
Treasury Building, Harambee Avenue, P.O Box 30007-00100, Nairobi, Kenya
Phone +254 20 224 0051
Mr. Peter Odhengo
Senior Policy Advisor, Climate Finance
Phone +254 722 984992
Mr. Hillary Korir

Rwanda Environment Management Authority

Mrs. Juliet Kabera
Director General
South Africa

Department of Environment, Forestry and Fisheries

Director General
Ms. Shahkira Parker
Senior Policy Advisor: International Governance Management
Ms. Lucia Motloung

Fiscal Policy Agency, Ministry of Finance

Mr. Febrio Kacaribu
Chairman of Fiscal Policy Agency, Ministry of Finance
R.M. Notohamiprodjo Building 2nd Floor, Jalan Dr. Wahidin Raya No. 1, Jakarta, Indonesia
Phone +62 21 3441 484
Mrs. Dian Lestari
Acting Director of Center for Climate Finance and Multilateral Policy/Head of the NDA Secretariat
Center for Climate Finance and Multilateral Policy, Fiscal Policy Agency, Ministry of Finance, R.M. Notohamiprodjo Building 5th Floor, Jalan Dr. Wahidin Raya No.1,, Jakarta, Indonesia
Phone +62 21 3483 1678

Ministry of Finance

Mr. Alejandro Weber Pérez
Undersecretary of Finance
Teatinos 120, Santiago, Chile
Phone +56 2 2828 2007
Ms. Trinidad Lecaros Cox
Focal Point Green Climate Fund
Teatinos 120, Santiago, Chile
Phone +56 2 2828 2232

Ministry of Environment and Natural Resources

His Excellency Mario Roberto Rojas Espino
Minister of Environment and Natural Resources
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Mr. Fredy Antonio Chiroy Barreno
Deputy Minister, Ministry of Environment and Natural Resources
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Mr. Juan Carlos Diaz Contreras
Director of International Cooperation
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala

Ministry of Finance and Public Credit

Mrs Ana Consuelo Salas Adato
Director for Institutional Investors
Av. Insurgentes Sur 1971, Torre III, Piso 7, Col. Guadalupe Inn, Alcaldía Alvaro Obregón, Ciudad de México, Mexico
Phone +52 (55) 38 88 11 46

Ministry of Environment

Ms. Natalie Pareja
Climate Change Director
Torre Ejecutiva 710, Plaza Independencia 6th Floor, Montevideo, Uruguay

Ministry of Energy, Mining and Sustainable Development, Secretariat of State for Sustainable Development

Mr. Bouzekri Razi
Director of Climate Change, Biodiversity, and Green Economy

Ministry of Environment and Sustainable Development

Mr. Chokri Mezghani
Director of General Directorate of Sustainable Development
Ministere des Affaires Locales et l'Environnement, Cite Administrative, Rue du Developpement, Cite el Khadra, Tunis, Tunisia
Phone +216 22 74 93 62
Phone +216 70 24 38 00
Burkina Faso

Prime Ministry

Mr. Issaka Ouedraogo
Adviser to the Prime Minister/Environment Inspector
01 PO BOX 4223, Ouagadougou
Phone +226 70 00 87 69
Phone +226 76 64 95 66

Secretariat for International Affairs, Ministry of Economy

Mr. Erivaldo Alfredo Gomes
Secretary for International Affairs
Esplanada dos Ministérios, Bloco P, 2° andar, Sala 219, Brasília (DF), Brazil
Dominican Republic

Ministry of Environment and Natural Resources

Ms. Milagros De Camps German
Deputy Minister of International Cooperation
Avenida Cayetano Germosén esq. Avenida Gregorio Luperón, Ensanche El Pedregal, Santo Domingo, Distrito Nacional, Dominican Republic (the)

Ministry of Environment

His Excellency Mr. Say Samal
Morodok Techo Building (Lot 503), Tonle Bassac, Chamkarmon, Phnom Penh, Cambodia
H.E. Eang Sophalleth
Secretary of State
H.E. Sum Thy
Deputy Secretary General, National Council for Sustainable Development

Ministry of Economy

Ms. Makereta Konrote
Permanent Secretary for Economy
P.O. Box 2212, Government Buildings Suva, Fiji, Suva, Fiji
Phone +679 330 7011

Ministry of Environment, Protection of Nature and Sustainable Development (MINEPDED)

Mr. Paul Tchawa
Secretary General
Boulevard du 20 Mai, Immeuble Ministériel No. 2, P.O Box 320, Yaoundé, Cameroon
Phone +237 696 939 011

Ministry of Economy and Finance – National Directorate for Monitoring and Evaluation

Mr. Albano Manjate
Deputy National Director of Monitoring and Evaluation
Phone +258 828969570
Phone +258 843969570

Federal Ministry of Environment

Mrs. Halima Bawa-Bwari
Deputy Director and Overseeing Head, Department of Climate Change
Plot 444, Aguiyi Ironsi Way, FCT, Abuja, Nigeria
Phone +234 803 311 9734

Directorate of Environment, Ministry of Environment

Mr. Esso-Sam Abdou Rassidou Agrignan
Economist Manager, in charge of financial services
Phone +228 2221 3321
Phone +228 9028 0426

Ministry of Finance, Planning and Economic Development

Mr. Keith Muhakanizi
Permanent Secretary / Secretary to the Treasury
Phone +256 414 707 135
Mr. Andrew Masaba
Principal Economist / Climate Finance Desk Officer, Development Assistance and Regional Cooperation

Ministry of Environment

Guerline Pierre
GCF Focal Point
Parc Industriel Métropolitain, Boulevard Toussaint Louverture, Port-au-Prince, Haiti

Ministry of Energy, Natural Resources, Environment and Mining

His Excellency Elvis Yovanni Rodas Flores
Secretary of State
Edificio Principal, 200 metros al Sur del Estadio Nacional, Tegucigalpa, Honduras
Phone (504) 2239-4296, 2235-7833

Ministry of Environment

His Excellency Milciades Concepción
Minister of Environment
Building 804, Albrook, Panama
Mr. Gustavo Padilla C.
Head of the International Coordination Office
Building 804, Albrook,, Panama
Phone (+ 507) 500-0803

Ministry of Environment and Sustainable Development

Mr Sidi Mohamed El Wavi
Policy Officer and Coordinator of the National Program on Climate Change
Phone +222 4600 8383

Ministry of Tourism and Environment

Mr. Adrian Kamenica
Secretary General, Ministry of Tourism and Environment
Boulevard "Zhan D'Ark", No.23, Tirana, Albania
Phone +355692055393

Ministry of Ecology, Spatial Planning and Urbanism

Ms. Aneta Kankaras
Directorate for Climate Change and Mediterranean Affairs
IV Proleterske brigade 19, 81000, Podgorica, Montenegro
Phone +382 20 446 378
Costa Rica

Ministry of Environment and Energy

Her Excellency Andrea Meza Murillo
Minister of Environment and Energy
Calle 5. Av. 8-10, San José, Costa Rica
Phone +(506) 22334533
Phone +(506) 22571417
Phone +(506) 22575456
Mrs. Norma Patricia Campos Mesén
Director of the Climate Change Directorate
Esquina Calle Ronda, Barrio Dent, Centro de Cambio Climático, San José, Costa Rica
Phone +(506) 22564298
Phone +(506) 83461513

Ministry of Environment and Water

Mr. Diego Esteban Teca Gavilanes
Undersecretary of Climate Change
Av. Madrid 1159 y Andalucía, Quito, Ecuador
El Salvador

Ministry of Environment and Natural Resources (MARN)

His Excellency Mr. Fernando Andrés López Larreynaga
Minister of Environment and Natural Resources
Kilometro 5 1/2 Carretera a Santa Tecla, colonia y calle Las Mercedes, Edificios MARN, San Salvador, El Salvador
Mrs. Diana Celeste Meléndez Huezo
Advisor to the Technical Cabinet
Kilometro 5 1/2 Carretera a Santa Tecla, colonia y calle Las Mercedes, Edificios MARN, San Salvador, El Salvador
Phone +(503) 2132-9343
Phone +(503) 7600-7576

Ministry of Economic Affairs, Planning, Resilience, Sustainable Development, Telecommunications and Broadcasting

Dr. Kyra Paul L’Homme
Acting Chief Development Officer
5th Floor, Financial Centre, Kennedy Avenue, Roseau, Dominica

Ministry of Economic Growth and Job Creation

Ms Una May Gordon
Principal Director, Climate Change Division
16A Half-Way-Tree Road, Kingston 5, Jamaica, Kingston, Jamaica
Phone +876 633 7354
Mr Omar Alcock
Senior Technical Officer (Mitigation)
16A Halfway Tree Road, Kingston 5, Kingston, Jamaica
North Macedonia

Cabinet of the Deputy President of the Government in Charge for Economic Affairs and Coordination of Economic Sectors

His Excellency Mr. Fatmir Bytyqi
Deputy Prime Minister in Charge of Economic Affairs, Coordination of Economic Sectors and Investments
Bul Ilinden nr.2, 1000 Skopje, North Macedonia
Phone +389 2 3114 258
Phone +389 2 3118 022
Mr. Daniel Josifovski, MSc
Advisor, Cabinet of the Deputy Prime Minister in Charge of Economic Affairs, Coordination of Economic Sectors and Investments
Ms. Teodora Grncharova Obradovikj, PhD
State Counselor on Climate Change, Ministry of environment and physical planning

Ministry of Environmental Conservation and Forestry

Mr Hla Maung Thein
Director General, Environmental Conservation Department
Building no. 53, Oattara Thiri Township, Nay Pyi Taw, Myanmar
Phone +95 67 431 326
Phone +95 94 4853 3521

The National Directorate of the Environment

Mr Mohammed Lamine Doumbouya
761 Conakry, Rép. de Guinée, Guinea
Phone +224 662 213 151
Phone +224 657 545 493
Mr. Cyril Aboli
Phone +224 626659214

The Environment and Sustainable Development Agency

Mr Boureima Camara
Director General of the Environment and Sustainable Development Agency
Cite Administrative – Batiment No. 7 – BP: 1634, Bamako, Mali
Phone (+223) 66 80 57 56

Ministry of the Environment and Housing

Mr. David Cates
Permanent Secretary, Ministry of the Environment and Housing
Charlotte House, 2nd Floor North Wing, Charlotte & Shirley Streets, Nassau, Bahamas
Phone +1 (242) 322 6005
Dr. Rhianna Neely-Murphy
Head, Climate Change Unit
Phone +1 (242) 397 9468
Democratic Republic of the Congo

National Coordination of the Green Climate Fund

Mr. Hans André Lohayo Djamba
15, Avenue Papa Iléo (ex-des Cliniques) Commune de la Gombe, Kinshasa, Democratic Republic of the Congo (the)

Ministry of Environment and Sustainable Development

Ms. Madeleine Diouf Sarr
Head of Climate Change Division
Parc Forestier de Hann, B.P. 4055 Dakar, Senegal, Dakar, Senegal

Ministry of Environment

Mr. Belal Moh'd Suliman Shqarin
Director, Climate Change Directorate
King Faisal Bin Abd Aziz Street, 83 Um Uthaina, Amman, Jordan

Ministry of Environment

Ms. Samar Malek
UNFCCC National Focal Point, Acting Head of the Service of Environmental Technology
Ministry of Environment, Lazarieh Center, 7th & 8th Floor, Block A-4 New, A4-Old, and A5 P.O.Box: 11/2727; Beirut-Lebanon, Beirut, Lebanon

News + Stories

GCF signs public-private partnership agreements to launch Global Subnational Climate Fund

23 Feb 2021 / The Green Climate Fund (GCF) has joined forces with Pegasus Capital Advisors and the International Union for Conservation of Nature (IUCN) in an innovative bundling of public-private financing to plug a funding gap for sub-national climate initiatives. GCF announced it has signed funding agreements with both organisations during a virtual briefing session for UN representatives in New York about the Global Subnational Climate Fund (SnCF Global), created to address a major deficit in climate finance.