Green Climate Fund commits $400m to combat climate crisis

Funding will be shared by a total of 13 projects in countries including Nepal, China, the Philippines and Palestine

The Green Climate Fund (GCF) is providing around $407.8 million (£315m) of financing for climate action in more than 100 developing nations.

Funding will be shared by a total of 13 projects in countries including Nepal, China, Lao People’s Democratic Republic (PDR), Mozambique, Kyrgyz Republic, the Philippines and Palestine.

They include grants to tackle forest degradation, flooding and soil erosion in Nepal and carbon sequestration in Kyrgyz Republic in collaboration with the UN’s Food and Agriculture Organisation (FAO) as well as build resilience of urban populations with ecosystem-based solutions in Lao PDR in collaboration with UN Environment Programme (UNEP).

When combined with co-financing by GCF’s funding partners, the newly approved projects are expected to channel more than $1.87 billion (£1.5bn) to reduce greenhouse gas emissions and enhance climate resilience.

A total of 28 countries have so far pledged the equivalent of $9.78 billion (£7.5bn) to fund climate action over the next four years.

GCF Executive Director Yannick Glemarec said: “This Board meeting has reinforced GCF’s momentum in progressing support for climate action. We have now allocated the bulk of the funds we received during our initial resource mobilisation. With a strong replenishment, we are well equipped to enhance developing countries’ ability to meet their Paris Agreement goals.”

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