Africa-Press – Ghana. The Green Climate Fund (GCF) is set to disburse $1.2 billion for 17 climate-related projects, primarily targeting regions in Asia and Africa. This marks the fund’s largest funding round to date.
The decision was endorsed by shareholders, including the United States, during a recent board meeting.
This funding announcement comes at a time when global development assistance is under pressure. According to the OECD, aid dropped by 9 percent in 2024 and is projected to decline by 17 percent in 2025, mainly due to reductions in U.S. aid under President Donald Trump.
The GCF stated that the projects are designed to assist lower-income countries in addressing the impacts of climate change. Among the allocations, $227 million will be directed towards developing green bond markets in 10 countries. Additionally, $200 million will be allocated to the India Green Finance Facility to promote renewable energy and energy efficiency.
In East Africa, $150 million will be invested in improving food systems, aiming to reach approximately 18 million people.
With this latest round of funding, the GCF’s portfolio will expand to $18 billion, supporting initiatives in 133 countries. Donor nations have committed $29.9 billion to the fund, with $21 billion already disbursed.
Beyond these new investments, the GCF board has approved measures to accelerate its collaboration with partner organisations, including multilateral institutions and Direct Access Entities (DAEs) in developing countries.
To reduce the accreditation timeline for DAEs from 30 months to nine months or less, the fund plans to revise its procedures. Much of the due diligence will now be conducted at the project level.
GCF Co-Chair Seyni Nafo noted that the fund is rising to meet its obligations at a time when coordinated climate action is urgently needed.
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