GCF Board Approves the First Projects DestaqueEscrito por Jose Erik Brito Pereira - Estagiário
On 6 November 2015, the Green Climate Fund (GCF) Board approved funding for its first eight projects and programmes. This marks the beginning of the Funds support to initiatives in developing countries for mitigation and adaptation, with a view to promote a transition to climate-resilient and low-emission development paths. The projects include three in Africa, three in the Asia-Pacific region, and two in Latin America. The partnering entities for the projects include national, regional, and international bodies accredited to the Fund, from both the public and private sectors. The total funding by the GCF will be of USD 168 million, USD 128 million on grants, USD 20 million on equity and USD 20 million on guarantees. The Warsaw Framework for REDD+ assigned key a role to the GCF in channelling financial resources and catalysing climate finance for REDD+ results-based payments to developing countries. Brazil is currently preparing a funding proposal to the GCF backed by results-based payments for its results in reducing deforestation in the Amazon biome. REDD+ finance will be one of the means for the implementation of Brazil´s iNDC. With climate finance being a critical element of the coming global climate talks, developing countries welcome the move by the GCF prior to COP21. Delivering GCF funding at scale to finance Intended Nationally Determined Contribution (INDC) initiatives will be essential for post 2020 efforts. The GCF has also issued a report on the funding requests received so far. The Fund has received proposals that add up to more than USD 1.4 billion, 13 proposals from Africa, requesting USD 666 million; 13 from the Asia-Pacific region, requesting USD 358 million; nine from Latin America and the Caribbean, requesting USD 378 million; one from Eastern Europe, requesting USD 20 million; and one proposal covering multiple regions requesting USD 42 million. Adaptation proposals add up to 43%, mitigation 38% and cross-cutting 19% of requested funds. Grants request amount to 60% of funding proposals, the remaining 40% correspond to loans (30%), equity and guarantees. The GCF was set up by 194 governments party to the UN Framework Convention on Climate Change (UNFCCC). It was given the mandate to help keep the planet’s atmospheric temperature rise below 2 degrees Celsius. Learn more about the GCF This article was based on information provided by the GCF website and related documents.