The Global Environment Facility’s (GEF) governing body has approved a $281 million (£201,) programme to support urgent environmental action in developing countries.
The funding will support sustainable recovery from COVID-19, with a focus on climate change, marine biodiversity, fisheries, chemical and waste management, e-mobility, green buildings and mercury-free mining.
The new initiatives are set to benefit more than 18 million people while generating global environmental benefits, with each dollar provided in the programme expected to mobilise more than $10 (£7.1) in co-financing from other sources.
Addressing the 60th GEF meeting, where the announcement was made, UN Climate Change Executive Secretary Patricia Espinosa highlighted the importance of the facility in tackling climate change, particularly in developing countries.
She said: “Climate change, like the coronavirus, recognises no borders or political ideologies. When one nation is impacted, all feel the pain. Support to developing nations is, therefore, an act of mutual self-interest.
“The rollout of trillions of dollars to address post-COVID recovery is an opportunity to accelerate the transition away from fossil fuel and high-emissions-based economies towards economies that are low carbon, sustainable and resilient.”