Climate Fund Chief Targets Poor Countries

AFP/APP

Paris: Green Climate Fund chief Mafalda Duarte is on a mission to help vulnerable nations that have yet to receive a penny from the world’s largest dedicated source of climate finance.

The United Nations’ flagship organisation for channelling climate funding was set up for developing countries worst hit by climate impacts, even if they are least responsible for the carbon pollution that drives warming.

The money disbursed helps nations to reduce their greenhouse gas emissions and adapt to climate-related challenges like storms, droughts, heatwaves, and rising sea levels.

The fund, which began distributing grants a decade ago, has identified 19 climate-vulnerable nations that have received no or very limited funding. “We are deliberately targeting those,” Duarte told AFP in an interview, reflecting on her first year in charge and outlining her future goals.

Adjusting the Mechanism

The GCF’s priority target list includes Algeria, the Central African Republic, Chad, Iraq, Lebanon, Mozambique, Papua New Guinea, and South Sudan.

“Our goal is to equip the organisation such that it becomes a partner of choice for the most vulnerable… and that it delivers where the funds are most needed,” said the Portuguese development economist.

Also on the list is war-torn Somalia, which suffered from major floods last year and is still recovering from its worst drought in decades.

The GCF has pledged to invest more than $100 million over the next year to help the East African nation unlock investments and develop climate projects. These include funding off-grid solar energy in rural communities, boosting resilience in the agricultural sector, and improving access to additional financing in the future.

“We need to adjust our mechanisms to be responsive to this type of country with weak institutional capacity,” Duarte said, emphasizing the need for projects to reach isolated populations despite security challenges.

Beating the Bureaucracy

The GCF was first funded by wealthy nations a decade ago as a key component in the landmark 2015 Paris climate agreement. It provides grants and loans for projects primarily in Africa, the Asia-Pacific region, Latin America, and the Caribbean.

However, the fund’s ambitions have been hampered by limited resources and cumbersome bureaucracy, making it difficult for some of the world’s most at-risk countries to access funding.

Streamlining the process to ensure timely access to funds will be a critical issue at November’s COP29 climate summit in Azerbaijan. Duarte aims to triple the GCF’s capital to $50 billion by 2030—a bold goal, though still a fraction of the trillions experts say are needed overall.

“A Big Difference”

Founded in 2010, the GCF currently has around 250 partners implementing projects on the ground. These partners include UN agencies, development banks, government ministries and agencies, the private sector, and NGOs. Another 200 organizations have expressed interest in aligning with the fund.

“If we are able to work with this vast network of partners that are closer to the realities on the ground where investments are happening, we can make a really big difference,” Duarte said.

As of last month, the fund has committed $15 billion to 270 projects. In the last 12 months, the GCF approved close to $790 million for the world’s poorest countries—a fourfold increase compared to 2022. Yet, experts argue this is still a drop in the ocean compared to the overall needs.

Currently, donor nations decide what contributions they make to the fund. At COP29, countries are expected to set a new global climate finance goal, though negotiations remain divided over its size and scope.

As discussions enter a critical phase, Duarte’s message to governments is clear: “Be bold. We don’t have the luxury of waiting.”

This aligned and structured text provides a clearer overview of the Green Climate Fund’s mission, challenges, and future goals.