THE 24th Green Climate Fund (GCF) Board meeting which started today is expected to consider expanding the number of countries that receive climate finance.
The meeting which is the last one for 2019 is taking place in the Republic of Korea is considering adding more countries from the current 99 developing countries that are benefitting.
Apart from considering an increase in the number of recipients, GCF also said it “will assess a total of 14 new climate finance proposals worth US$484.6 million.
“If all projects are approved, this is expected to generate US$2 billion in co-financing with GCF’s climate action partners.
“The Board will also decide whether to accredit seven new partners to propose and implement paradigm-shifting initiatives funded by GCF that reduce greenhouse gas emissions and bolster the ability of developing countries to deal with the climate crisis,’ said GCF in a statement.
The board meeting is buoyed by GCF’s first replenishment conference held on 25 October, where 27 countries pledged to expand GCF’s financial reserves by providing US$9.78 billion equivalent for the next four years.
To date, GCF has committed US$5.2 billion to 111 climate action initiatives across the planet.
Over 250 participants, including observers from civil society and private sector organisations, National Designated Authorities (NDAs), which are the national conduits to the Fund, and Accredited Entities and other partners who assist in delivering climate finance to developing countries are expected to attend the meeting.
Green Climate Fund board meetings which decide funding proposals and oversees GCF’s governance, are generally held three times a year and the 24 Board members represent developing and developed countries equally