Togo, Serbia in focus as GCF bolsters climate action with $686m investment &#8211; EnviroNews

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The Green Climate Fund (GCF) at its Board meeting held from February 17 to 20, 2025, appeared to have provided further evidence that it is increasing access to and support for national and regional partners operating on the frontlines of the climate crisis.

The Fund’s Board approved $686.8 million ($1.5 billion with co-financing) in GCF investment for 11 projects in 42 countries that are expected to provide direct support to 115.5 million people and mitigate the equivalent of 45.3 million metric tonnes of CO₂.

The new projects include first-time single-country investments in Serbia to enhance forest resilience and in Togo to strengthen the climate resilience of vulnerable communities.

During the same meeting, the Board decided that the Fund, which is headquartered in the Republic of Korea, will establish a regional presence to bring it closer to the developing countries it serves. A regional presence will enhance access to the Fund and increase the climate impact of its projects.

The Board meeting was presided by Co-chairs Seyni Nafo and Leif Holmberg, who were elected to chair proceedings during 2025.

Co-chair Seyni Nafo from Mali said: “The 11 new projects agreed at this Board will bring urgently needed climate finance to support developing countries. It is particularly gratifying to see that we are broadening our impact, by bringing first-time projects to Togo and Serbia. I am also encouraged to see that we have approved five new direct access entities, reinforcing GCF’s commitment to country ownership and delivering effective climate action at the local level. Six of the approved Funding Proposals will move straight to implementation with immediate project agreement signings, showing that the GCF is responding to the urgent need for action on the ground.”

Board Co-chair Leif Holmberg from Sweden said: “During these challenging times, GCF is showing how countries are able to reaffirm their individual and collective commitment to accelerating support to climate-vulnerable communities. It demonstrates that increasing access to vital finance on the frontlines of the climate crisis remains a top priority for the Board. In addition, the Fund’s partnerships with the private sector continue to mobilise critical additional resources, which further strengthens the GCF’s ability to deliver effective climate action at the local level.”

GCF Executive Director, Mafalda Duarte, said: “If climate action is local action—which it is—then the Green Climate Fund needs to be local too. Not only as a source of finance but as a partner working on the ground. I’m pleased that the Fund has taken a historic step in establishing a presence in key regions, bringing our world-class specialists closer to those who will benefit most from their support. This decision strengthens our ability to deliver on the more than $680 million in new climate action commitments announced at this Board meeting, pushing our total portfolio towards $17 billion across 133 countries.”

With the latest project approvals, the Fund’s overall portfolio comprises 297 projects, with a total GCF funding amount of $16.6 billion and $62.7 billion with co-financing. Investment is mostly via grants (74%), supplemented by loans (16%) and equity (10%).

The investment by region is as follows: Africa (38%), Latin America and the Caribbean (32%), Asia Pacific (27%), Eastern Europe, Central Asia, and the Middle East (3%). Of the total adaptation envelope, 63% will go to Least Developed Countries (LDC), Small Island Developing States (SIDS), and African countries.

GCF is mandated to support the needs of underserved countries and communities that are most vulnerable to climate change’s adverse effects.

Two of the approved projects illustrate GCF’s ability to leverage private sector investment. In partnership with La Banque Agricole – a first-time project for a national direct access entity – a Green Climate Finance Facility that fosters climate-smart agriculture will be established in Senegal.

The other private sector project establishes a sustainable land fund in partnership with Mirova to address deforestation for agriculture in several countries.

The Mirova project was approved under the Project-Specific Assessment Approach (PSAA) pilot initiative, which is part of GCF’s continued effort to streamline access and facilitate wider partnerships.

The pilot provides a one-step route to funding by assessing an entity’s capacity to meet GCF accreditation standards simultaneously with the project review.

The second PSAA project to be approved is the RE-GAIN initiative to scale solutions for food loss in Africa, in partnership with AGRA.

The United Nations Early Warning For All initiative was boosted with the approval of a major multi-country project that will protect lives and livelihoods in many at-risk countries.

GCF’s Project Preparation Facility supported the development of five of the projects.

The Board approved six new GCF project implementing partners, including five national and regional partners, to support GCF’s commitment to direct access in developing countries. Burkina Faso has its first direct access entity, while Armenia has its first private sector direct access entity.

The 42nd meeting of the GCF Board will be held from June 30 to July 3, 2025, in Port Moresby, Papua New Guinea.

The 11 projects approved at the 41st meeting of the GCF Board are as follows:

SAP048: Strengthening the resilience of vulnerable communities within high climatic and disaster risk areas in Togo, with Banque Ouest Africaine de Développement (BOAD)
SAP049: Sustainable Communities for Climate Action in the Yucátan Peninsula (ACCIÓN) Country: Mexico, with Fondo Mexicano para la Conservación de la Naturaleza A.C. (FMCN)
FP255: Transforming Livelihoods through Climate Resilient, Low Carbon, Sustainable Agricultural Value Chains in the Lake Region Economic Bloc, Kenya, with Food and Agriculture Organisation of the United Nations (FAO)
FP256: Intensification of Agriculture and Agroforestry Techniques (IAAT) for climate resilient food and nutrition security: Tombouctou, Gao, Mopti, Koulikoro and Segou regions of Mali, with Save the Children Australia
FP257: RE-GAIN: Scaling solutions for food loss in Africa, with AGRA
FP258: Multi-country Project Advancing Early Warnings for All (EW4All), with UNDP
FP259: Adapting tuna-dependent Pacific Island communities and economies to climate change, with Conservation International
FP260: Enhancing the resilience of Serbian forests to ensure energy security of the most vulnerable while contributing to their livelihoods and carbon sequestration (FOREST Invest), with FAO
FP261: Improving Climate Resilience by Increasing Water Security in the Amazon Basin Countries: Bolivia, Brazil, Colombia, Ecuador, Peru, Suriname, with IDB
FP262: Green Climate Finance Facility for Fostering Climate-Smart Agriculture in Senegal, with Le Banque d’Agricole
FP263: Mirova Sustainable Land Fund 2 (MSLF2), with Mirova.