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Green Climate Fund approves $587.7 million in project funding

The Green Climate Fund (GCF) approved $587.7 million in new climate finance for developing nations. This funding will support seven new climate projects to promote sustainable agriculture, reduce deforestation emissions, and enhance climate resilience in vulnerable communities.

_Green Climate Fund commits over $580 mln to new projects_visual 1Ifugao rice terraces in Batad, northern Luzon, Philippines.

The approval of these new projects comes after selecting Mafalda Duarte as the new Executive Director of the GCF. Duarte, who previously led climate finance initiatives at the European Bank for Reconstruction and Development, brings a wealth of experience in sustainable finance and climate action to her new role.

The seven projects approved by the GCF include the following:

  • Public-Social-Private Partnerships for Ecologically-Sound Agriculture and Resilient Livelihood in Northern Tonle Sap Basin (PEARL) in Cambodia, with the Food and Agriculture Organization of the United Nations (FAO);
  • Scaling up the implementation of the Lao PDR Emission Reductions Programme through improved governance and sustainable forest landscape management in the Lao People's Democratic Republic, with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ);
  • Adapting Philippine Agriculture to Climate Change (APA) in the Philippines, with FAO;
  • Upscaling Ecosystem-Based Climate Resilience of Vulnerable Rural Communities in the Valles Macro-region of the Plurinational State of Bolivia (RECEM-Valles), with FAO;
  • Heritage Colombia (HECO): Maximising the Contributions of Sustainably Managed Landscapes in Colombia for Achievement of Climate Goals, with the World Wildlife Fund (WWF);
  • Sustainable Renewables Risk Mitigation Initiative (SRMI) Facility (Phase 2 Resilience focus), with the World Bank in Ethiopia, Guinea-Bissau, Indonesia, Kyrgyzstan, Mongolia, Seychelles, Somalia, Tajikistan, and Tunisia;
  • Infrastructure Climate Resilient Fund (ICRF) in Benin, Cameroon, Chad, Côte d'Ivoire, the Democratic Republic of the Congo, Djibouti, Gabon, Gambia, Ghana, Guinea, Kenya, Mali, Mauritania, Namibia, Nigeria, Rwanda, Sierra Leone, Togo, and Zambia, with the Africa Finance Corporation (AFC).

These projects represent a combined total of $587.7 million in GCF funding, and they are expected to have a significant impact on climate action and sustainable development in the countries where they are implemented.

Funding Activity Agreements have been signed for several projects, including PEARL in Cambodia, the Lao PDR Emission Reductions Programme, HECO in Colombia, and the SRMI Facility in multiple countries.

Developing nations are disproportionately affected by the impacts of deforestation and desertification, despite contributing relatively little to carbon emissions. By supporting climate action in these countries, the GCF is helping to promote a more just and sustainable future for all.

At DGB Group, we believe that investment in nature-based solutions is the optimal path to protect and restore nature. Therefore, we design and manage large-scale reforestation and afforestation projects that restore biodiversity and degraded land and help communities in Africa with sustainable development, including access to energy-efficient cookstoves. Businesses, investors, and individuals can choose among our solutions and support nature in the most accessible and transparent way.

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