Green Climate Fund has more money than projects

Developing countries urged to deliver proposals for clean energy and climate adaptation projects as GCF aims to distribute $2.5 billion in 2016

The GCF was created to drive clean energy and climate resilience investments in developing countries (Pic: Dfid/Flickr)


The UN’s flagship climate fund says it will miss a target to approve $2.5 billion of new projects in 2016 unless more countries submit proposals.

In an email sent to media and national delegations Zaheer Fakir, co-chair of the Green Climate Fund board, urged governments and banks linked to accelerate their applications for financing.

So far 41 proposals worth $2.4 billion have been submitted, but not all of these will be approved this year, said the email.

“GCF’s ability to deliver against the USD 2.5 billion target will depend on the Fund’s capacity to approve proposals, and on the volume and quality of proposals that it receives,” Fakir said.

“We need countries, Accredited Entities, and National Designated Authorities not to wait, and not to hold back in terms of the number or ambition of proposals they submit to the Fund.”

The GCF officially launched last year and so far has started work on 8 projects worth $168 million.

Under the Paris Agreement on climate change, the Seoul-based fund was designated one of two main funding mechanisms to help developing countries invest in green energy and prepare for extreme weather events.

The US, UK, France, Germany and other developed countries pledged just over $10 billion to the GCF in its first funding window. So far $9.9 billion has been legally signed off, according to the GCF.

Read more on: Green Climate Fund