A global platform established to respond to climate change by investing in low-emission and climate-resilient development, Green Climate Fund (GCF) says it approved nearly $3 billion in new climate financing last year.
In its Annual Results Report for 2021, GCF said it supported over 190 projects in 127 developing countries aimed at reducing emission and inaugurating climate-resilient development pathways.
The organisation noted that its portfolio reached the $10 billion mark in GCF resources, totalling $37 billion in co-financing, adding that in 2022, it has signed an implementation agreement to scale up climate action across 13 African countries.
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The programme, which is implemented by the International Fund for Agricultural Development (IFAD), empowers African national and local banks to direct funds to help farmers cope with increasingly erratic climate effects while also reducing farming emissions.
According to reports, the GCF Board meeting also approved $ 114.4 million in new investment to the Inclusive Green Financing Initiative (IGREENFIN I).
Story was adapted from the Nation.