FP152
Global Subnational Climate Fund (SnCF Global) – Equity
Global Subnational Climate Fund (SnCF Global) – Equity
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.
Project timeline
Pipeline
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
Approved
13 Nov 2020 - 159 days
Approved by GCF Board
13 Nov 2020
FAA executed
23 Feb 2021
Under implementation
20 Apr 2021 - 442 days so far
FAA effective
20 Apr 2021
Disbursement - USD 50,000,000
21 May 2021
Completed
Est. completion date under revision
Four regions
- Africa
- Asia-Pacific
- Latin America and the Caribbean
- Eastern Europe
Forty-two countries
- Côte d'Ivoire
- Gabon
- Kenya
- Rwanda
- South Africa
- Indonesia
- Chile
- Guatemala
- Mexico
- Uruguay
- Morocco
- Tunisia
- Burkina Faso
- Brazil
- Dominican Republic
- Cambodia
- Fiji
- Cameroon
- Mozambique
- Nigeria
- Togo
- Uganda
- Haiti
- Honduras
- Panama
- Mauritania
- Albania
- Montenegro
- Costa Rica
- Ecuador
- El Salvador
- Dominica
- Jamaica
- North Macedonia
- Myanmar
- Guinea
- Mali
- Bahamas
- Democratic Republic of the Congo
- Senegal
- Jordan
- Lebanon
Three priority groups
- Least Developed Countries
- Small Island Developing States
- African States
USD
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing33% disbursed
| Instrument | Amount |
|---|---|
| Equity | USD 150,000,000 |
| Total GCF Financing |
|---|
| USD 150,000,000 |
Co-financing
| Co-financer | Instrument | Amount |
|---|---|---|
| Co-Financing | Equity | USD 600,000,000 |
| Total Co-Financing |
|---|
| USD 600,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsPhone +82 32 4458 6338 (KST)
Send e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (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
Primary
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
Secondary
General Counsel & Chief Compliance Officer
750 East Main Street, Suite 600 Stamford, Stamford, United States
More contacts
National Designated Authority
Côte d'Ivoire
Minister's Office, Ministry of Environment and Sustainable Development
Mr. Marcel YAO
Public Policy, Climate Change and Ecological Transition Expert / Technical Advisor to the Minister in charge of International Cooperation and Resource Mobilization
Cite Administrative, Plateau, Tour D, 10eme etage - 20 BP 650 Abidjan 20, Abidjan, Cote d'Ivoire
Public Policy, Climate Change and Ecological Transition Expert / Technical Advisor to the Minister in charge of International Cooperation and Resource Mobilization
Cite Administrative, Plateau, Tour D, 10eme etage - 20 BP 650 Abidjan 20, Abidjan, Cote d'Ivoire
Gabon
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
Adviser to the President of the Republic, Permanent Secretary Conseil National Climat
BP 3850, Libreville, Gabon
Kenya
The National Treasury
Mr. Julius Muia
Principal Secretary
Treasury Building, Harambee Avenue, P.O Box 30007-00100, Nairobi, Kenya
Principal Secretary
Treasury Building, Harambee Avenue, P.O Box 30007-00100, Nairobi, Kenya
Rwanda
Rwanda Environment Management Authority
South Africa
Department of Forestry, Fisheries, and the Environment
Ms. Shahkira Parker
Senior Policy Advisor: International Governance Management
Senior Policy Advisor: International Governance Management
Ms. Lucia Motloung
Mr. Zaheer Fakir
Indonesia
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
Chairman of Fiscal Policy Agency, Ministry of Finance
R.M. Notohamiprodjo Building 2nd Floor, Jalan Dr. Wahidin Raya No. 1, Jakarta, Indonesia
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
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
Chile
Ministry of Finance
Ms. Claudia Sanhueza
Undersecretary
Teatinos 120, Santiago, Chile
Undersecretary
Teatinos 120, Santiago, Chile
Mr. Joaquin Guajardo Beroiza
Focal Point Green Climate Fund
Teatinos 120 Santiago, Chile
Focal Point Green Climate Fund
Teatinos 120 Santiago, Chile
Guatemala
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
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
Deputy Minister, Ministry of Environment and Natural Resources
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Ms. Jenifer Andrea Calderón Cintora
Director of International Cooperation
7 Avenida 03-67 Zona 13, Guatemala City, Guatemala
Director of International Cooperation
7 Avenida 03-67 Zona 13, Guatemala City, Guatemala
Mexico
Ministry of Finance and Public Credit (SHCP), Unit for Public Credit
Ms. Noemi Hernandez Rodriguez Borjas
Director of Multilateral Organizations and Bilateral Cooperation, Unit for Public Credit and International Affairs
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Director of Multilateral Organizations and Bilateral Cooperation, Unit for Public Credit and International Affairs
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Uruguay
Ministry of Environment
Ms. Natalie Pareja
Climate Change Director
Zabala 1442, 4th FI, Uruguay CP, 11600, Montevideo, Uruguay
Climate Change Director
Zabala 1442, 4th FI, Uruguay CP, 11600, Montevideo, Uruguay
Morocco
Ministry of Energy Transition and Sustainable Development- Department of Sustainable Development
Mr. Bouzekri Razi
Director of Climate Change, Biodiversity, and Green Economy
Director of Climate Change, Biodiversity, and Green Economy
Tunisia
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
Director of General Directorate of Sustainable Development
Ministere des Affaires Locales et l'Environnement, Cite Administrative, Rue du Developpement, Cite el Khadra, Tunis, Tunisia
Burkina Faso
Prime Ministry
Mr. Issaka Ouedraogo
Adviser to the Prime Minister/Environment Inspector
01 PO BOX 4223, Ouagadougou
Adviser to the Prime Minister/Environment Inspector
01 PO BOX 4223, Ouagadougou
Brazil
Secretariat for International Affairs, Ministry of Economy
Mr. Marco Aurélio dos Santos Rocha
Secretary for International Economic Affairs
Esplanada dos Ministérios, Bloco K, 8° andar, Brasilia, Brazil
Secretary for International Economic Affairs
Esplanada dos Ministérios, Bloco K, 8° andar, Brasilia, Brazil
Ms. Raquel Breda dos Santos
General Coordinator for Global Development Institutions
Esplanada dos Ministérios, Bloco K, 8° andar - Sala 874, Brasilia, Brazil
General Coordinator for Global Development Institutions
Esplanada dos Ministérios, Bloco K, 8° andar - Sala 874, Brasilia, Brazil
Mr. Luiz Mauricio de Araújo Navarro
Coordinator for Policies and Funds for Development Finance
Esplanada dos Ministérios, Bloco K, 8° andar - Sala 874, Brasilia, Brazil
Coordinator for Policies and Funds for Development Finance
Esplanada dos Ministérios, Bloco K, 8° andar - Sala 874, Brasilia, 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)
Deputy Minister of International Cooperation
Avenida Cayetano Germosén esq. Avenida Gregorio Luperón, Ensanche El Pedregal, Santo Domingo, Distrito Nacional, Dominican Republic (the)
Cambodia
Ministry of Environment
His Excellency Mr. Say Samal
Minister
Morodok Techo Building (Lot 503), Tonle Bassac, Chamkarmon, Phnom Penh, Cambodia
Minister
Morodok Techo Building (Lot 503), Tonle Bassac, Chamkarmon, Phnom Penh, Cambodia
Fiji
Ministry of Economy
Mr. Kushaal Raj
Acting Head of Climate Change and International Cooperation Division
Acting Head of Climate Change and International Cooperation Division
Cameroon
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
Secretary General
Boulevard du 20 Mai, Immeuble Ministériel No. 2, P.O Box 320, Yaoundé, Cameroon
Mozambique
Ministry of Economy and Finance – National Directorate for Monitoring and Evaluation
Mr. Albano Manjate
Deputy National Director of Monitoring and Evaluation
Deputy National Director of Monitoring and Evaluation
Nigeria
Federal Ministry of Environment
Ms. Aniobong Abiola-Awe
Director of the Department of Climate Change
Director of the Department of Climate Change
Togo
Directorate of Environment, Ministry of Environment
Ms. Méry YAOU
Director of Environment
240 rue des Nîmes Lomé - Togo -, Lomé, Togo
Director of Environment
240 rue des Nîmes Lomé - Togo -, Lomé, Togo
Mr. Komi Sossou SOSSOU
Environmentalist, head of planning unit
240 rue des Nîmes Lomé - Togo, Lomé, Togo
Environmentalist, head of planning unit
240 rue des Nîmes Lomé - Togo, Lomé, Togo
Uganda
Ministry of Finance, Planning and Economic Development
Mr. Ramathan Ggoobi
Permanent Secretary / Secretary to the Treasury
Permanent Secretary / Secretary to the Treasury
Mr. Andrew Masaba
Principal Economist / Climate Finance Desk Officer, Development Assistance and Regional Cooperation
Principal Economist / Climate Finance Desk Officer, Development Assistance and Regional Cooperation
Phone +256 782 177 125
Phone +256 414 707 161
andrew.masaba@finance.go.ug
Juvenal.Muhumuza@finance.go.ug
Isaac.Katabalwa@finance.go.ug
Phone +256 414 707 161
andrew.masaba@finance.go.ug
Juvenal.Muhumuza@finance.go.ug
Isaac.Katabalwa@finance.go.ug
Haiti
Ministry of Environment
Guerline Pierre
GCF Focal Point
Parc Industriel Métropolitain, Boulevard Toussaint Louverture, Port-au-Prince, Haiti
GCF Focal Point
Parc Industriel Métropolitain, Boulevard Toussaint Louverture, Port-au-Prince, Haiti
Honduras
Secretary of Energy, Natural Resources, Environment and Mines
His Excellency Lucky Halach Medina Estrada
Secretary of State, Secretary of Energy, Natural Resources, Environment and Mines
Edificio Principal, 200 metros al Sur del Estadio nacional, Tegucigalpa, Honduras
Secretary of State, Secretary of Energy, Natural Resources, Environment and Mines
Edificio Principal, 200 metros al Sur del Estadio nacional, Tegucigalpa, Honduras
Panama
Ministry of Environment
His Excellency Milciades Concepción
Minister of Environment
Building 804, Albrook, Panama
Minister of Environment
Building 804, Albrook, Panama
Mr. Bolivar Cañizales
Deputy Operational Focal Point, Head of the Department of Environment and Climate Change, Directorate of International Organizations and Conferences of the Ministry of Foreign Affairs
Deputy Operational Focal Point, Head of the Department of Environment and Climate Change, Directorate of International Organizations and Conferences of the Ministry of Foreign Affairs
Ms. Ligia Castro de Doens
Operational Focal Point, Director of Climate Change of the Ministry of Environment
Operational Focal Point, Director of Climate Change of the Ministry of Environment
Mauritania
Ministry of Environment and Sustainable Development
Mr Sidi Mohamed El Wavi
Policy Officer and Coordinator of the National Program on Climate Change
Policy Officer and Coordinator of the National Program on Climate Change
Albania
Ministry of Tourism and Environment
Mr. Sofjan Jaupaj
Director of Procurement and Partnerities
Boulevard "Deshmoret e Kombit", No.1,1001 Tirana, Albania
Director of Procurement and Partnerities
Boulevard "Deshmoret e Kombit", No.1,1001 Tirana, Albania
Montenegro
Ministry of Ecology, Spatial Planning and Urbanism
Ms. Aneta Kankaras
Directorate for Climate Change and Mediterranean Affairs
IV Proleterske brigade 19, 81000, Podgorica, Montenegro
Directorate for Climate Change and Mediterranean Affairs
IV Proleterske brigade 19, 81000, Podgorica, Montenegro
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
Minister of Environment and Energy
Calle 5. Av. 8-10, San José, Costa Rica
Phone +(506) 22334533
Phone +(506) 22571417
Phone +(506) 22575456
andrea.meza@minae.go.cr
despachominae@minae.go.cr
Phone +(506) 22571417
Phone +(506) 22575456
andrea.meza@minae.go.cr
despachominae@minae.go.cr
Mrs. Norma Patricia Campos Mesén
Director of the Climate Change Directorate
Esquina Calle Ronda, Barrio Dent, Centro de Cambio Climático, San José, Costa Rica
Director of the Climate Change Directorate
Esquina Calle Ronda, Barrio Dent, Centro de Cambio Climático, San José, Costa Rica
Ecuador
Ministry of Environment and Water
Ms. Karina Maribel Barrera Moncayo
Undersecretary of Climate Change
Av. Madrid 1159 y Andalucía, Quito, Ecuador
Undersecretary of Climate Change
Av. Madrid 1159 y Andalucía, Quito, Ecuador
El Salvador
Ministry of Environment and Natural Resources (MARN)
Mr. Miguel Alberto Gallardo Meléndez
Director of Ecosystems and Biodiversity
Director of Ecosystems and Biodiversity
His Excellency Mr. Fernando Andrés López Larreynaga
Minister of Environment and Natural Resources
Kilómetro 5 ½ Carretera a Santa Tecla, Col. Las Mercedes, Frente a Círculo Miliar, Edificios MARN, San Salvador, El Salvador
Minister of Environment and Natural Resources
Kilómetro 5 ½ Carretera a Santa Tecla, Col. Las Mercedes, Frente a Círculo Miliar, Edificios MARN, San Salvador, El Salvador
Dominica
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
Acting Chief Development Officer
5th Floor, Financial Centre, Kennedy Avenue, Roseau, Dominica
Jamaica
Ministry of Housing, Urban Renewal, Environment and Climate Change (MHURECC)
Ms Una May Gordon
Principal Director, Climate Change, Ministry of Housing, Urban Renewal, Environment and Climate Change
16A Half-Way-Tree Road, Kingston 5, Jamaica
Principal Director, Climate Change, Ministry of Housing, Urban Renewal, Environment and Climate Change
16A Half-Way-Tree Road, Kingston 5, Jamaica
Dr Alwin Hales, JP
Permanent Secretary, Ministry of Housing, Urban Renewal, Environment and Climate Change
16A Half-way Tree Road, Kingston 5, Jamaica
Permanent Secretary, Ministry of Housing, Urban Renewal, Environment and Climate Change
16A Half-way Tree Road, Kingston 5, Jamaica
North Macedonia
Cabinet of the Deputy President of the Government in Charge for Economic Affairs and Coordination of Economic Sectors
Mr. Daniel Josifovski, MSc
Advisor, Cabinet of the Deputy Prime Minister in Charge of Economic Affairs, Coordination of Economic Sectors and Investments
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
State Counselor on Climate Change, Ministry of environment and physical planning
Myanmar
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
Director General, Environmental Conservation Department
Building no. 53, Oattara Thiri Township, Nay Pyi Taw, Myanmar
Guinea
The National Directorate of the Environment
Mr. Pierre LAMAH
Executive Secretary of the National Designated Authority of the Green Climate Fund
Coléah Lansébounyi, Commune de Matam, Conakry, Guinea
Executive Secretary of the National Designated Authority of the Green Climate Fund
Coléah Lansébounyi, Commune de Matam, Conakry, Guinea
Mr. Mamadou Oury BARRY
Substitute
Coléah Lansébounyi- Commune de Matam, Conakry, Guinea
Substitute
Coléah Lansébounyi- Commune de Matam, Conakry, Guinea
Mali
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
Director General of the Environment and Sustainable Development Agency
Cite Administrative – Batiment No. 7 – BP: 1634, Bamako, Mali
Bahamas
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
Permanent Secretary, Ministry of the Environment and Housing
Charlotte House, 2nd Floor North Wing, Charlotte & Shirley Streets, Nassau, Bahamas
Dr. Rhianna Neely-Murphy
Director of the Department of Environmental Planning and Protection Unit
Director of the Department of Environmental Planning and Protection Unit
Democratic Republic of the Congo
National Coordination of the Green Climate Fund
Mr. Hans André Lohayo Djamba
Coordinator
15, Avenue Papa Iléo (ex-des Cliniques) Commune de la Gombe, Kinshasa, Democratic Republic of the Congo (the)
Coordinator
15, Avenue Papa Iléo (ex-des Cliniques) Commune de la Gombe, Kinshasa, Democratic Republic of the Congo (the)
Senegal
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
Head of Climate Change Division
Parc Forestier de Hann, B.P. 4055 Dakar, Senegal, Dakar, Senegal
Jordan
Ministry of Environment
Mr. Belal Moh'd Suliman Shqarin
Director, Climate Change Directorate
King Faisal Bin Abd Aziz Street, 83 Um Uthaina, Amman, Jordan
Director, Climate Change Directorate
King Faisal Bin Abd Aziz Street, 83 Um Uthaina, Amman, Jordan
Lebanon
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
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
Documents
| Title | Type | Date |
|---|---|---|
|
The Global Subnational Climate Fund (SnCF GLOBAL) PCA FP152 |
Case study | 16 Feb 2022 |
|
Global Subnational Climate Fund (SnCF Global) – Equity PCA FP152 |
Approved funding proposal | 09 Dec 2020 |
|
Gender action plan for FP152: Global Subnational Climate Fund (SnCF Global) – Equity PCA FP152 |
Gender action plan | 19 Nov 2020 |
|
Gender assessment for FP152: Global Subnational Climate Fund (SnCF Global) – Equity PCA FP152 |
Gender assessment | 19 Nov 2020 |
|
Environmental and social safeguards (ESS) report for FP152: Global Sub national Climate Fund (SnCF Global) - Equity PCA FP152 |
Environmental and Social Safeguards report | 05 Oct 2020 |
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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.