GCF Provides 2 Billion Support for Greenhouse Gas Reduction and Climate Change Projects

[Asia Economy Reporter Jang Sehee] The Green Climate Fund (GCF), an international organization responding to climate change, has decided to promote climate information system projects for Pacific island countries.

According to the Ministry of Economy and Finance on the 14th, the 27th GCF Board of Directors meeting was held via video conference from the 9th to the 13th. This board meeting discussed strategic plans establishing the mid-to-long-term operational direction during GCF's first replenishment period (2020?2023), new projects, project result management frameworks, and next year's budget proposal.

First, the strategic plan containing GCF's vision, goals, and priorities, which began discussions last November, was adopted at this board meeting.

Going forward, GCF will expand the leadership of developing countries in the project discovery process and increase adaptation projects targeting vulnerable countries such as Least Developed Countries (LDC), Small Island Developing States (SIDC), and African countries. It also plans to expand private finance participation and strengthen operational efficiency.

Sixteen new greenhouse gas reduction and climate change adaptation projects with a total project cost of $2.08 billion were approved. GCF's support amount is $1.01 billion.

Major projects include energy efficiency investment in Bangladesh (GCF support of $256.48 million), development of productive agricultural systems in northeastern Brazil (GCF support of $99.5 million), and financial support to improve energy accessibility in nine African countries (GCF support of $30 million).

The project to strengthen the climate information system for Pacific island countries, in which the domestic institution APEC Climate Center participates, was also approved. This project targets five Pacific island countries (Cook Islands, Niue, Palau, Marshall Islands, Tuvalu) to strengthen climate observation, monitoring, and forecasting systems and to build an online platform for providing information services. The APEC Climate Center is expected to participate in regional community capacity-building activities within the detailed project.

The total number of approved GCF projects has expanded to 159, with a total project cost of $23.2 billion (GCF project cost of $7.2 billion). GCF expects about 400 million people in developing countries vulnerable to climate change to benefit and a total reduction of 1.2 billion tons of greenhouse gases.

Additionally, to systematically manage project outcomes, the Integrated Results Management Framework (IRMF) proposal was discussed. This plan aims to systematically measure the effects of projects on greenhouse gas reduction and climate-resilient development through simplified indicators.

The Ministry of Economy and Finance stated, "We will strive for the continuous development of GCF as the world's largest climate change response fund and actively support the participation of domestic institutions and companies in projects through strengthened linkage with the Green New Deal."

This content was produced with the assistance of AI translation services.