The UN-backed Green Climate Fund (GCF) has allocated US$21m in funding to enhance early warning systems (EWS) for hydro-meteorological hazards in Timor-Leste, Southeast Asia.
It was one of 13 new projects approved by the GCF board for mitigation and adaptation action, with a total of US$1.2bn in resources allocated for climate action – a record amount for a single board meeting. The new projects bring the total size of the GCF portfolio to US$10bn, representing US$37.2bn in assets, including co-financing.
José De Luna Martínez, GCF co-chair, from Mexico, said, “This has been a record year for GCF, with nearly US$3bn approved by the board for urgent climate action. As we head into the crucial COP 26 meeting, the GCF is fulfilling its role to deliver support for climate action in developing countries.”
Yannick Glemarec, GCF executive director, said, “GCF has accelerated the programming of climate finance in 2020-2021 to maintain climate ambition in the context of Covid-19. We are now allocating funds to new projects as soon as they are received, in response to increasing demand from developing countries. The secretariat is also moving those funds more rapidly and efficiently to implement climate action on the ground, and our report to the board reflects the increases in the speed of project review and in project implementation that have allowed us to disburse over US$2bn to date.”
The following projects were approved during the meeting:
- US$16.6m for ‘Climate change adaptation solutions for Local Authorities in the Federated States of Micronesia’
- US$17.5m for ‘Enhancing climate resilience in Thailand through effective water management and sustainable agriculture’
- US$21m for ‘Enhancing Early Warning Systems to build greater resilience to hydro-meteorological hazards in Timor-Leste’
- US$21.1m for ‘Mitigating GHG emission through modern, efficient and climate-friendly clean cooking solutions (CCS)’
- US$279m for ‘The Amazon Bioeconomy Fund: Unlocking private capital by valuing bioeconomy products and services with climate mitigation and adaptation results in the Amazon’
- US$174.3m for ‘Ecosystem-based Adaptation to increase climate resilience in the Central American Dry Corridor and the Arid Zones of the Dominican Republic’
- US$9.5m for ‘Enhancing community resilience and water security in the Upper Athi River Catchment Area, Kenya’
- US$35.5m for Hydro-agricultural development with smart agriculture practices resilient to climate change in Niger’
- US$157m for ‘Cooling Facility’, undertaken by World Bank in Bangladesh, El Salvador, Kenya, Malawi, North Macedonia, Panama, Sao Tome and Principe, Somalia, Sri Lanka
- US$150m for ‘Desert to Power G5 Sahel Facility’
- US$100m for ‘Tanzania Agriculture Climate Adaptation Technology Deployment Programme (TACATDP)’
- US$125m for ‘Global Fund for Coral Reefs Investment Window’
- US$100m for ‘CRAFT – Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries’