The UN's Green Climate Fund (GCF) has approved over $1 billion in funding for 16 new projects targeting environmental resilience in 37 developing nations. This commitment, announced after the GCF board meeting this week, marks a milestone in the GCF’s efforts to tackle the impact of environmental instability globally. Notably, the fund introduced a new policy to include REDD+ results-based payments as a staple in its project financing cycle.
Satellite image capturing a lush green jungle intersected by a river from space. AI generated picture.
In 2024 alone, GCF has dedicated $2.5 billion to environmental initiatives, expanding its reach to 133 countries and advancing global efforts to support nature's prosperity. The REDD+ policy incentivises countries to reduce deforestation and degradation, enhancing the GCF's support for sustainable land management and environmental resilience.
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Since its establishment in 2010, under the Cancún Agreements at COP16, the GCF has been the world’s largest dedicated multilateral climate fund, facilitating the transfer of resources from developed to developing countries to address environmental issues. As a financial mechanism under both the UN Framework Convention on Climate Change and the Paris Agreement, the fund’s portfolio now includes 286 projects valued at $16 billion—expanding to $61.5 billion with co-financing contributions.
Through its Readiness Support Programme, the GCF has also allocated over $630 million to help countries enhance environmental strategy development and capacity-building. This recent investment and policy shift reinforce the GCF's commitment to driving significant progress in the global nature-positive action agenda.
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