Nigeria is among the list of countries who will benefit from the 15 proposals approved by the board of the Green Climate Fund (GCF) totalling $736.4 million to fund new climate projects in developing countries.
According to report, the country is among the Renewable Energy Performance Platform (REPP 2). Others in the category are Cameroon, Democratic Republic of Congo (DRC), Lesotho, Madagascar, Malawi, Niger, Sierra Leone and Zambia with CAMCO.
The board met at the 37th meeting in Tbilisi, Georgia, where decisions to support major outcomes for climate action were reached. The funding amounts to $3.6 billion when co-financing is included. The last board meeting of the year brings GCF programming in 2023 to $2.1 billion of GCF resources and a total of $9.0 billion when co-financing is included.
GCF is known to be the world’s largest dedicated climate fund with a mandate to foster a paradigm shift towards low emission, climate-resilient development pathways in developing countries. GCF has a portfolio of $13.5 billion ($51.8 billion including co-financing) delivering transformative climate action, covering 243 projects in more than 120 countries.
The fund also has a readiness support programme that builds capacity and helps countries develop long-term plans to fight climate change. GCF is an operating entity of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and serves the 2015 Paris Agreement, supporting the goal of keeping average global temperature rise well below 2°C.
Specifically, the board three-day meeting marked the last one of GCF’s first replenishment period (2020-2023) having programmed a total of $8.5 billion of its resources, with a total value of $34 billion including co-financing during these three years.
While 12 out Of the 15 new funding proposals target the most vulnerable – Least Developed Countries (LDCs), Small Island Developing States (SIDS) and African States, Eight proposals are for adaptation, one is for mitigation and eight are fully cross-cutting projects.
According to reports, Project agreements were signed for six of the projects immediately after their approval, reflecting the urgency by GCF and our partners to deliver on the ground.
Story was adapted from the Guardian.