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Delivering climate action: GCF and partners sign agreements for six new projects

Six project agreements were signed by the Green Climate Fund (GCF) and its Accredited Entity (AE) partners on the margins of GCF’s 37th Board meeting (23- 25 October 2023) in Tbilisi, Georgia.

Out of 15 projects approved at the Board meeting, six project agreements, or Funded Activity Agreements (FAAs), were signed on the last day of the Board meeting on 25 October. The FAAs, which contain a set of conditions to be fulfilled by the AE, must be negotiated and signed by GCF and the AEs before the project can launch. The short turnaround between Board approval and legal arrangements is a result of the Fund’s efforts to speed up processes to efficiently deliver projects on the ground.

GCF at COP28

The Green Climate Fund (GCF) will be at COP28, which runs from 30 November to 12 December in Dubai, UAE.

We’ve created a microsite: https://cop.greenclimate.fund, where you will find links to relevant GCF events, stories, and publications. Please subscribe to our special COP28 newsletter to stay tuned.

As a main operating entity under the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC), GCF takes guidance from the Conference of Parties (COP) on its policies, programming priorities, and eligibility criteria. The GCF delegation will be observing the official negotiations, and hosting and taking part in various events.

Climate Funds pavilion

For the first time ever, GCF, the Global Environment Facility (GEF), the Adaptation Fund (AF), and the Climate Investment Funds (CIFs) will have a joint pavilion at COP.  The pavilion is on the second floor of Thematic Arena 3 in the Opportunity Petal of the Blue Zone.

There will be five joint Q&A sessions at the pavilion on thematic topics where each fund will present and have experts on hand to answer questions:

  • 4th December 13:15 – 14:45 – Gender
  • 5th December 13:15 – 14:45 – Accessing funds and Coherence & Complementarity
  • 6th December 13:15 – 14:45 – Mitigation
  • 8th December 15:15 – 16:45 – Adaptation
  • 9th December 13:15 – 14:45 – Nature-based solutions

Drop by the pavilion to learn how GCF works and how GCF collaborates with other climate funds to promote complementarity and coherence in the climate finance landscape.

Official side events

GCF will be hosting two official side events:

  • Sunday, 3 December from 18:30 to 20:00 in Side Event Room 5
    “Climate finance: the role of the climate funds in supporting developing countries” co-hosted by the Adaptation Fund (AF), the Climate Investment Funds (CIF), the Global Environment Facility (GEF), and GCF – Learn how the climate funds work together to accelerate climate action for the most vulnerable.
  • Monday, 4 December from 11:00 to 12:00 at Action Arena 1 (Al Hur)
    “The Green Climate Fund: Scaling up access and impact” – Join GCF Executive Director Mafalda Duarte as she sets out GCF’s “50by30” vision and direction for its next programming cycle 2024-2027.

More information about speakers and how to register or join the livestream is on the GCF COP28 microsite.

Stay up to date

Visit the GCF@COP28 microsite https://cop.greenclimate.fund for updates on GCF announcements, events, stories, and publications.

Subscribe to the GCF COP28 newsletter to stay tuned.

Follow updates on GCF social media channels: #InspireMoreClimateAction, #GCFatCOP28, #COP28, and #Finance4Climate.

 

 

Re-Gain: Green Climate Fund and AGRA partner to transform Africa’s food systems

Despite the challenges posed by the climate crisis, Africa holds tremendous potential to become the world’s breadbasket. The opportunities and challenges facing Africa’s food systems are immense. The continent possesses 60 per cent of the world’s unused arable land and has the potential to accelerate agricultural productivity by 2 or 3 times. Additionally, Africa has the capacity to create a food market worth USD 1 trillion by 2030. However, it must address the dual challenge of escalating food and nutrition insecurity impacting nearly 300 million people while grappling with the intensifying effects of the climate crisis.

Recognising that agriculture and food systems are major levers for Africa’s green growth, the Green Climate Fund (GCF), in collaboration with the AGRA launched Re-Gain, a groundbreaking regional programme that will support Africa in realising its promise as a food production powerhouse.

Announced at the African Heads of States Food Systems Session at COP28, this initiative will enhance African smallholders’ access to technologies, make food loss reduction solutions more accessible and affordable, and support the creation of enabling environments for transitioning food systems.

With project preparation funding from GCF to support development of the programme, GCF and AGRA will work together in designing and implementing an initiative to leverage over USD 100 million in financing to support the wide scale adoption of food loss solutions, in partnership with the private sector.  Already, a group of countries including Burkina Faso, Ethiopia, Kenya, Malawi, Tanzania, Uganda, and Zambia have joined this initiative, and further participation is expected in subsequent phases.

The financial support will enable partners and participating countries to conduct necessary diagnostics and consultations, align programmes with country priorities and climate science, and deliver meaningful impact to African smallholders.

Noticia de muestra

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de Finibus Bonorum et Malorum” (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line in section 1.10.32.

The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from “de Finibus Bonorum et Malorum” by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.

Enhancing access and increasing impact: the role of the multilateral climate funds

The need for collective, urgent and ambitious action on climate is greater than ever before. As the results of the first global stocktake make clear, the world is not on track to meet the goals of the Paris Agreement. While progress is seen in some areas, much more is needed to reach net zero and adapt to climate impacts. A rigorous “all of economy, all of society” approach is needed across all systems and sectors.

Climate finance for developing countries plays the key role in this transition. Simplified and improved access to climate finance can allow for the more rapid deployment of urgently needed finance while also better serving local needs. The current international climate financial architecture needs to develop to keep “fit-for-purpose” to deal with the growing multiple challenges. A shift to a system-wide climate finance architecture where all actors work together and better in a more synergized and harmonious way is needed.

With our unique mandates and comparative advantages, the multilateral climate funds (MCFs) can facilitate broad changes and contribute to the reform of the international climate finance architecture. Our experience, innovative approaches and concessionary funding can help other international financial institutions, including the multilateral development banks (MDBs), to mitigate financial risks, lower investment costs, and scale up access to finance, including from private sources of capital.

GCF and KawiSafi Ventures Fund driving off-grid solar power in East Africa

Although the African continent is responsible for only three per cent of the world’s human-induced greenhouse gas emissions each year, it is expected to suffer some of the most severe consequences of climate change. Significant investments in Africa’s infrastructure, manufacturing capacity, and economy are necessary to helpthe continent’s  adapt and mitigate the effects of climate change.

In Swahili,  KawiSafi means “clean energy.” Created and developed by the impact investor Acumen with financing by the Green Climate Fund (GCF),  KawiSafi Ventures Fund  unlocks the potential of renewable off-grid energy as a faster, cheaper, and cleaner way to bring power to communities in East Africa.

Rwanda has 70 per cent of its population living off-grid. Energy costs are high, both for on- and off-grid customers, because of a heavy reliance on imported oil and kerosene. Meanwhile in Kenya, 80 per cent live off-grid with 35 million without access to affordable and reliable electricity. Rapid population growth is increasing demand for electricity and placing further demands on grid supply.

By investing in Rwanda and Kenya in clean energy companies that are developing decarbonised, distributed energy infrastructure, KawiSafi provides critical essential services and enhanced productivity to underserved populations across Africa.

Lack of electricity and high kerosene use are addressed through affordable clean household solar energy solutions such as solar lanterns, solar home systems, and solar mini-grids. KawiSafi invests in other parts of the ecosystem such as consumer finance, mobile payment, and metering/monitoring technologies. The Technical Assistance Facility identifies and addresses core needs of KawiSafi portfolio companies to support their scale and financial viability.

KawiSafi has invested in BBOXX, a low emission energy company driving change in Rwanda. Thirty per cent of BBOXX customers are generating income using off-grid energy.

GCF to scale up access, impact, and private sector investment through “50by30” roadmap

A panel, composed of GCF partners from government, private sector, and civil society representatives, provided comments on their experiences of working with GCF.  They included: H.E. Kwaku Afriyie, Minister of Environment, Science, Technology, and Innovation, Ghana; Helen Magata, Coordinator, Climate and Biodiversity Program, Climate and Biodiversity Program, Tebtebba and Member of GCF’s Indigenous Peoples Advisory Group (IPAG); H.E. Andrew Mitchell, Minister of State in the Foreign, Commonwealth & Development Office (FCDO), United Kingdom; and Samaila Zubairu, President and CEO of Africa Finance Corporation (AFC).

Opening the panel segment, the UK Minister of State in the FCDO Andrew Mitchell recognised the critical role of GCF in the collective efforts to tackle climate change. He said, “The UK has been a strong supporter of the Fund since its inception, and our pledge of USD 2 billion for GCF’s second replenishment, 13 per cent larger than our previous contribution, is the single biggest funding commitment the UK has ever made in the struggle against climate change.”

Ghana Minister of Environment, Science, Technology, and Innovation Kwaku Afriyie followed up by emphasizing the Fund’s approach to climate finance: “GCF’s efforts are deeply rooted in country programming which ensures that funds are invested according to each nation’s unique challenges and contribute to their climate prosperity.”

Guardians of the shore: GCF and UNEP partner to protect mangroves and coastal ecosystems in Dominica and Mozambique

The Green Climate Fund (GCF) and the United Nations Environment Programme (UNEP) will boost support for global mangrove protection with the announcement of two mangrove conservation and coastal management projects in Dominica and Mozambique.

Coastal communities in Dominica and Mozambique are vulnerable to the impacts of climate change, particularly intense tropical storms. Mangroves, often overlooked and underappreciated, can play a crucial role as ‘green infrastructure’ and in integrated ecosystem-based approaches to coastal protection. More than a haven for diverse marine life, mangroves are powerful allies to increase the climate resilience of coastal communities.

In cooperation with Dominica and Mozambique, GCF and UNEP will support the development of national mangrove protection projects in the two countries. A total of USD 1.3 million from GCF’s Project Preparation Facility and matching funding of USD 541,000 from UNEP and partners will be deployed to prepare two projects, “Developing Climate Resilient Integrated Coastal Management in Dominica” and “Building resilience of coastal communities through Ecosystem-based Adaptation approaches in Mozambique” that could receive over USD 60 million in GCF financing when approved by the GCF Board.

The projects aim to enhance the resilience of local communities and ecosystems in the coastal zones of Dominica and Mozambique.  They will be vital to the two countries as they tackle climate change, support local communities’ livelihoods, and protect communities from saline intrusion, flood, and sea level rise.

The announcement on GCF project preparation support was made by Hong Paterson, GCF Chief Financial Officer and Chief Operating Officer, at the COP28 Presidency’s event, “A Breakthrough Moment for Mangroves: Delivering Global Action on Mangrove Restoration and Protection.” The event brought together major partnerships and initiatives behind the Mangrove Breakthrough, which has a global target to restore and protect 15 million hectares of mangroves and halt mangrove destruction by 2030.

“GCF recognises the importance of mangrove conservation and restoration, and we have seen crosscutting impacts from our investments in mangroves, resulting in the protection of local ecosystems and communities. GCF is proud to partner with Dominica, Mozambique and UNEP on initiatives that will save mangroves, increase the resilience of vulnerable communities, and improve their health, wellbeing and livelihoods,” said Hong Paterson, GCF CFO/COO.

“Because every fraction of a degree counts, because every hectare of a resilient ecosystem counts, because every penny counts. We are extremely honored to support Mozambique and Dominica in their aspirations and take that responsibility and trust to heart,” said Mirey Atallah, UNEP’s Head of Nature For Climate Branch.

Moving from planning to action: The NDC partnership and the Green Climate Fund launch the Climate Investment Planning and Mobilization Framework

As global leaders are convening at COP28 in the United Arab Emirates, one message is loud and clear: we must urgently accelerate climate action – and this means accelerating work to translate countries’ Nationally Determined Contributions, National Adaptation Plans, and other climate strategies into projects and investments on the ground.

GCF at COP28: A wrap up of outcomes at COP28

This year’s COP ended on a dramatic note with an agreement by nations to ‘transition away’ from fossil fuels after two weeks of intense negotiations.  While stopping short of a ‘phaseout’ of coal, oil and gas, the deal is a first for COP after years of discussion and helps keep the Paris Agreement goal of 1.5C within reach.  Agreements were also made on commitments to triple renewable energy capacity and double energy efficiency by 2030.

Demonstrating progress in adaptation and finance, some countries made pledges to the Loss and Damage Fund, while others committed new pledges totaling USD 3.5 billion for the second replenishment of the Green Climate Fund (GCF). Additionally, hundreds of countries endorsed new declarations to protect people’s health and support food security in the face of climate change.

Despite the progress, more work needs to be done, especially for people on the frontlines of the climate crisis.  Looking ahead, all eyes will be on Azerbaijan, which was announced as the official host of COP29 from 11-22 November next year.

Finance is a key enabler of climate action.  As the world’s largest multilateral climate fund, GCF played a critical role at COP28.  Over the two weeks in Dubai, GCF had over 500 engagements, participating in fora, thematic events, meetings with countries, contributors and stakeholders, and negotiation tracks. Those engagements demonstrate GCF’s commitment to the global climate agenda, reflecting the scale and urgency of the climate challenge.