Green Climate Fund Approves Over $3 Billion in Record Financing

The Green Climate Fund has approved $3.26 billion in funding for climate projects this year, marking a record for the South Korea-based multilateral climate fund.

The fund’s board signed off on 22 new projects in developing nations at its meeting in Songdo, South Korea, bringing its total portfolio to 338 projects representing $19.3 billion in GCF funds. The total sum GCF has mobilized reaches $78.7 billion if co-financing is included.

The fund, which operates under the United Nations Framework Convention on Climate Change, is often held up by developing countries an example of a global financing model that allows diverse ...