Green Climate Fund to channel over $1.87bn in tackling emissions

first_img• $10 million for Building resilience ofurban populations with ecosystem-based solutions in Lao PDR with UNEP (SAP009) GCF Executive Director Yannick Glemarecsaid: “This Board meeting has reinforced GCF’s momentum in progressing supportfor climate action. We have now allocated the bulk of the funds we receivedduring our initial resource mobilisation. The Board adopted an updated gender policy and gender action plan and a policy on co-financing. It also reviewed GCF’s updated Strategic Plan for the 2020-2023 programming period, which aims to deliver more ambitious impact for developing countries. • $9.3 million for Climate-resilient foodsecurity for women and men smallholders in Mozambique through integrated riskmanagement with WFP (SAP011) The Board has allocated $407.8 million,raising GCF’s total portfolio to $5.6 billion. This includes new transformativeinitiatives in China, Lao People’s Democratic Republic, Mozambique, Nepal, thePhilippines and the State of Palestine. Among these are five direct accessentities, adding to the 51 that provide national and regional channels toaccess GCF funds. • $16.8 million for Implementation of theLao PDR Emission Reductions Programme through improved governance andsustainable forest landscape management with GIZ (FP117) Also commenting on the development, Co-chairJosceline Wheatley said: “The expansion of GCF’s portfolio to include more than100 countries is a milestone, wrapping up the Fund’s first four years ofoperations. As I prepare to step down as Co-chair and reflect on GCF’sachievements in 2019, I am confident the Green Climate Fund will furtherconsolidate its role as a central player driving global climate action.” Generation Sign up for the ESI Africa newsletter • $63.6 million for Chile REDD-plusresults-based payments for results period 2014-2016 with FAO (FP120) The24th GCF Board meeting approved the following projects and programmes: UNDP China, CCIEE launch report to facilitate low-carbon development Read more stories on gender equity AFD and Eskom commit to a competitive electricity sector Co-chair Nagmeldin Goutbi Elhassan Mahmoud said: “The influx of replenishment funds will help GCF to meet the growing demand for both adaptation and mitigation initiatives aimed at countering the climate challenge. By approving a range of new projects, this successful Board meeting – our last as co-chairs – helps to meet this need. Developing countries’ rising ambitions, however, shows that much more can be done.” BRICS • $10 million for Multi-Hazard Impact-BasedForecasting and Early Warning System for the Philippines with Landbank (SAP010) During the GCF Board Meeting, the Republic of Indonesia pledged $500,000 to the Fund’s first replenishment – a doubling of its contribution from GCF’s initial resource mobilisation. Indonesia is both a contributor to, and a recipient of GCF funding. • $26.3 million for Water Banking andAdaptation of Agriculture to Climate Change in Northern Gaza with AFD (FP119)  • $30million for Carbon Sequestration through Climate Investment in Forests andRangelands in Kyrgyz Republic (CSFOR) with FAO (FP116) center_img • $50 million for REDD+ Results-basedpayments in Paraguay for the period 2015-2017 with UNEP (FP121) • $39.3 million for Building a ResilientChuria Region in Nepal (BRCRN) with FAO (FP118) “With a strong replenishment, we are wellequipped to enhance developing countries’ ability to meet their Paris Agreementgoals.” TAGSClimate changefundingParis Agreementwomen in power Previous articleWater master plan to guard against drought in South AfricaNext articleSA firm plans to build hydropower plant in Ugandan national park Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. The Board also approved seven newAccredited Entities, which propose and implement climate projects funded byGCF, bringing the total to 95. The following projects were also approved under the Simplified Approval Process (SAP): To date, 28 countries have pledged $9.78billion equivalent to fund climate action over the next four years. Featured image: Stock • $33.3 million for Blue Action Fund (BAF): GCF Ecosystem Based Adaptation Programme in the Western Indian Ocean with KfW (Madagascar, Mozambique, South Africa and United Republic of Tanzania) (FP122) • $100 million for Catalysing ClimateFinance (Shandong Green Development Fund) with ADB (FP082) • $9.4 million for Inclusive Green • $9.7 million for Extended CommunityClimate Change Project-Flood (ECCCP-Flood) with PKSF (SAP008) RELATED ARTICLESMORE FROM AUTHOR Finance and Policy Combining co-financing by GCF’s funding partners, the newly approved projects will channel over $1.87 billion to reduce greenhouse gas emissions and enhance climate resilience. Green Climate Fund drives global climate action Low carbon, solar future could increase jobs in the future – SAPVIA The allocation of new funding during theBoard meeting follows GCF’s first replenishment pledging conference in October. The Green Climate Fund (GCF) is now financing climate action initiatives in over 100 developing countries after the final Board meeting of 2019 approved 13 new projects.last_img read more