Green Climate Fund commits to deliver challenging funding goal in 2016

The Green Climate Fund Board met in Cape Town, South Africa, from 2 to 4 February for an informal dialogue on the Fund’s expectations for 2016 and key operational issues.

Board members, advisers and civil society and private sector observers discussed how to meet the Board’s aspirational target of approving USD 2.5 billion in funding proposals by the end of 2016 and the development of a Strategic Plan for the Fund.

In their submissions for the strategic plan, key donors countries such as US, UK and Germany expressed concerns about the lack of a clear, effective strategy, the need to increase transparency in decision-making and operational processes, and to engage the private sector in order to mobilize financial support with the necessary scale and speed, Climate Home reported.

In November 2015 the GCF approved the first eight projects to be financed, for a total GCF investment of USD 168 million.

Meeting the USD2.5 billion approvals target for 2016 will represent a significant increase from the current level of funding.

According to GCF data, 48 governments (including 9 developing countries) have pledged financial contributions to the Fund so far. The total announced pledges amount to around USD10 billion, of which USD 6.8 billion have been converted into contribution agreements.

In an official statement released after the meeting in Cape Town, GCF Co-Chairs, Zaheer Fakir and Ewen McDonald, said the Fund is on track to achieve the 2016 goal.

The next formal meeting of the GCF Board will take place in the week of 7 March 2016 at GCF Headquarters in Songdo, Republic of Korea.

 

(Image: Cape Town, South Africa. Photo credit: jbdodane/Flickr)