On 26-28 February 2019 the 22nd meeting of the GCF Board was held in Songdo, Korea and chaired by a new selected Executive Director Yannick Glemaric. The Board approved nine new climate resilience and low emission projects totaling USD 440 million in GCF resources, took steps to strengthen operations, reinforce standards and close policy rights. The meeting also approved the selection of nine new project partners to become Accredited Entities to GCF.
Javier Manzanares Executive Director ad interim, stated, “GCF now has a USD 5 billion portfolio in 97 countries supporting low-emission, climate-resilient development. With decisions to ensure better governance, new project approvals, and a reinforced readiness programme, this Board meeting has left us in great shape for our first replenishment”.
The nine new project approvals bring GCF’s portfolio to a total of 102 projects and programmes, committing USD 5 billion of GCF resources for climate action in 97 developing countries. Including co-financing, the portfolio channels USD 17.7 billion in climate finance through its network of 84 Accredited Entities.
Providing readiness support to build the capacity of developing countries is a key part of GCF’s activities. The Board took note of the evaluation of the Readiness and Preparatory Support Programme by the Independent Evaluation Unit and adopted a work programme and budget that builds upon the evaluation Page 2 of 3 findings and recommendations and provides USD 122.5 million for 2019 for a new phase of readiness support to developing countries.
The GCF issued press release on B.22