Green Climate Fund Approves $590 Million Climate Projects for 33 Developing Countries

The Ministry of Economy and Finance announced on the 17th that at the Green Climate Fund (GCF) Board meeting held in Songdo, Incheon from the 12th to the 16th of this month, climate change response projects supporting 33 developing countries with $590 million were approved.

The GCF utilizes an initial fund of $10.3 billion and a first replenishment fund of $10 billion to support projects such as forest landscape management in Laos, climate change adaptation in Philippine agriculture, and climate resilience enhancement in the Valles region of Bolivia. South Korea has contributed $300 million to the GCF.

With this approval, the total number of projects promoted by the GCF has increased to 216, with a project scale of $45 billion.

The GCF expects that approximately 2.5 billion tons of greenhouse gases will be reduced, benefiting about 900 million people in developing countries vulnerable to climate change.

Meanwhile, at this Board meeting, Mafalda Duarte, CEO of the Climate Investment Funds (CIF) and a Portuguese national, was elected as the 4th new Secretary-General of the GCF.

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