The Green Climate Fund (GCF) Board approved a record volume of climate finance for developing countries this week, greenlighting 22 new projects for climate action around the world. The USD 1.332 billion total is the largest amount approved at a GCF Board meeting and brings the year’s total to USD 3.26 billion, a new high surpassing the previous record of USD 2.9 billion in 2021.
This record achievement emphasizes the Fund’s ongoing commitment to deliver support to developing countries as it heads to COP30 in Belem, Brazil. Ten years after approving its first projects in November 2015 and a decade since the Paris Agreement was adopted, GCF now has a portfolio of 336 projects amounting to USD 19.3 billion in GCF resources, USD 78.7 billion when expected co-financing is included.
The projects will bring urgently needed funding for adaptation and mitigation action. The adaptation projects will benefit some of the most climate-vulnerable countries in the world, mainly targeting Least Developed Countries (LDCs), Small Island Developing States (SIDS) and African States, whilst mitigation and cross-cutting projects will bring significant emission reductions through renewable energy, reforestation and land-use, and energy efficiency.
Co-Chair Leif Holmberg from Sweden said:
“I am delighted that in our tenth year of programming, the Board has approved a record annual portfolio demonstrating its commitment to accelerating climate action. This achievement reflects how the Fund is delivering on its major reform agenda to increase access to finance and results for climate action. Several of the approved projects will mobilise substantial private sector finance, providing clear evidence of GCF’s ability to catalyse additional resources in an era that requires more creative approaches to climate finance.”
Co-Chair Seyni Nafo from Mali said:
“The USD 1.332 billion in investment agreed at this Board will deliver climate finance at scale for developing countries around the world. These 22 projects bring the total number approved this year to 50, increasing the Fund’s 2025 portfolio to USD 3.26 billion. This clearly signals the Fund’s continued commitment to extend its support to the most vulnerable, including in the Caribbean during the same week parts of the region were devastated by Hurricane Melissa. I am also delighted to see the accreditation of the first Direct Access Entities in Kazakhstan, Trinidad and Tobago, Tunisia, and Vanuatu, which signals GCF’s continued commitment to country-ownership of climate action.
We also had an update on our planned regional presence, and I was encouraged to note the huge level of interest from developing countries in hosting a GCF regional office.”
Executive Director Mafalda Duarte stated:
“2025 is a record-breaking year for GCF. Delivering over USD 3 billion in climate finance demonstrates that the reforms we have made are putting us on track to be the climate partner of choice for developing countries. This significant milestone generates much-needed momentum on climate action as we head towards COP30 in Belem, Brazil. Appropriately, two of the B.43 projects focus on the Amazon, with approved GCF financing of more than USD 220 million and unlocking more than USD 700 million with our partners.
Our reforms and our growing partnerships with the private sector and serving the most vulnerable communities are enabling the Fund to deliver on its 50 by 30 vision with more impactful projects in more places.
The Jordan-Aqaba project is a transformative case in point. The desalination project, one of the largest in the world, will eventually directly serve nearly half the population of Jordan, which has amongst the lowest water availability of any country on the planet. GCF’s USD 295 million investment will catalyse the USD 6 billion project.
I would like to congratulate the Board for a milestone year that included significant reforms, including accreditation, staff rules and regulations and stewarding the strategic decision on our regional presence.”
GCF hosted the 43rd Board meeting (B.43) at its Songdo headquarters, where GCF is also celebrating the tenth anniversary of the adoption of its first climate projects.
GCF works through a network of over 158 partner agencies (‘Accredited Entities’) with projects in 134 countries. This unrivalled global network includes 106 regional and national entities (Direct Access Entities or DAEs) from the public, private, and non-profit sectors, as well as international financial institutions such as Multilateral Development Banks, United Nations agencies, and commercial banks.
The Board welcomed five new accreditation applicants, all of them DAEs. Four of the applicants are the first national DAEs of their respective countries. The Japan International Cooperation Agency (JICA), originally accredited in 2017, had its accreditation upgraded so it could deploy loans and undertake equity investments.
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