UN Climate Fund to make funding green projects easier

(EurActiv, 8 Jul 2019) The board of the UN Green Climate Fund is meeting from 6 to 8 July in Songdo, South Korea. The board is set on heralding a “paradigm shift” in climate financing and intends to accelerate the decision-making process to boost the fund’s replenishment. EURACTIV Germany reports.

The Green Climate Fund (GCF) wants to give global climate financing a strong boost by the end of this year. Twenty-four of the fund’s board members discussed strategy in the South Korean city of Songdo this weekend (6-8 July).

In the run-up to the meeting, a person working for the fund told EURACTIV that the Board of the GCF will decide on new criteria for the allocation of funds and how to promote sustainable projects to investors.

Right now, processes are slow, with the acquisition of permits sometimes taking years.

“It deters private investors. This weekend is about making important progress – especially to ensure that the fund is well replenished in November,” Alexandra Tracy, representative of the Climate Markets and Investment Association (CMIA) at the GCF, told EURACTIV before the meeting took place.

In November, donor countries and the GCF’s Board will be meeting to make binding commitments for further financing.

The Global South is the most affected by climate change 

At the UN Climate Change Conference COP15 in Copenhagen in 2009, industrialised countries committed themselves to investing $100 billion annually in climate-related projects in developing countries from 2020 at the latest.

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EurActiv, 8 Jul 2019: UN Climate Fund to make funding green projects easier