Giving Compass’ Take:
• The Green Climate Fund just approved $408 million for new projects in more than 100 countries, making a strategic shift that will focus on helping the most vulnerable.
• How can donors get involved in their local communities to address climate change?
The Green Climate Fund, which provides finance for developing nations to tackle climate change, said on Thursday it had reached a milestone of backing action in more than 100 countries, after approving $408 million for new projects.
Board co-chair Nagmeldin Goutbi Elhassan Mahmoud said fresh contributions made by 28 donor countries last month would help meet growing demand for initiatives to cut climate-warming emissions and adapt to wilder weather and rising seas.
The fund is now investing $5.6 billion in more than 100 countries worldwide.
“Developing countries’ rising ambitions, however, shows that much more can be done,” Mahmoud of Sudan said in a statement, referring to the work of the fund.
This week, several efforts to protect carbon-storing forests were greenlit in Laos, Kyrgyzstan, Chile and Paraguay, with the two Latin American nations receiving payments for reducing deforestation in earlier years.
The Green Climate Fund was set up under U.N. climate change negotiations to help channel money needed by poor states to meet their targets to develop cleanly and adjust to a warming world.
Climate finance specialists have commended it for boosting money for under-resourced adaptation work, part of its mandate.
Niranjali Amerasinghe, executive director of ActionAid USA, said the fund now had to set its strategic direction for the next four years.
“It’s really important that… the focus is on getting the money to the poorest and most vulnerable. It’s making sure that we don’t lose sight of adaptation,” she told the Thomson Reuters Foundation as the meeting ended.
Read the full article about Green Climate Fund from Reuters at Eco-Business.
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