AFRICAN GROUP MEETS GCF EXECUTIVE DIRECTOR, OUTLINES PRIORITIES AHEAD OF GCF BOARD MEETING IN SONGDO

Representatives of the African group met the Green Climate Fund (GCF) Executive Director, Mafalda Duarte and outlined the continent’s funding priorities ahead of the 43rd Meeting of the Board (B.43).

The bilateral meeting also discussed matters related to GCF policies scheduled for this Board meeting such as restructuring and cancellation, which need to be updRepresentatives of the African group met the Green Climate Fund (GCF) Executive Director, Mafalda Duarte and outlined the continent’s funding priorities ahead of the 43rd Meeting of the Board (B.43).

The bilateral meeting also discussed matters related to GCF policies scheduled for this Board meeting such as restructuring and cancellation, which need to be updated to allow better fluidity of the projects, accessibility to financial resources, and review of the committees of the Board to ensure efficiency and broader coverage of activities. Ambassador Seyni Nafo, Co-chair of the GCF, assured the Executive Director of African members’ full support to the work of the Secretariat.

GCF ambitious plans to mobilize more resources

Meanwhile, in the continued preparatory meeting for the 43rd GCF Board meeting, key discussions related to GCF’s innovative funding policies, focusing on accelerating climate innovation by de-risking private sector investment, piloting new technologies, and enhancing the capacity of domestic financial institutions. Key strategies include using tools like first-loss equity to attract private capital, creating platforms for green bonds, and supporting early-stage green businesses through incubators. The GCF also uses its readiness and preparatory support programme to help countries develop their own climate finance structures and access capital.

In his intervention, Ambassador Nafo highlighted Africa’s key priorities for the next GCF cycle, as well as the importance of transparency, noting that significant reforms that are being undertaken require ultimate consensus from all concerned stakeholders and interested parties.

“These transformative reforms being undertaken are significant and require the ultimate consensus from all parties,” he said. “In this case, the reforms must always be undertaken in a coordinated, engaged, and united manner with the co-chairs.”

B.43, scheduled to open on 27th October, is expected to be among the largest programming sessions in the Fund’s history. The project pipeline now represents approximately USD 1.4 billion, reflecting years of design and preparation by national institutions, partners, and communities.

Ambassador Nafo emphasized the responsibility to ensure that “these resources are approved soundly, fairly, and efficiently to deliver concrete climate benefits for developing countries.”ated to allow better fluidity of the projects, accessibility to financial resources, and review of the committees of the Board to ensure efficiency and broader coverage of activities. Ambassador Seyni Nafo, Co-chair of the GCF, assured the Executive Director of African members’ full support to the work of the Secretariat.

GCF ambitious plans to mobilize more resources

Meanwhile, in the continued preparatory meeting for the 43rd GCF Board meeting, key discussions related to GCF’s innovative funding policies, focusing on accelerating climate innovation by de-risking private sector investment, piloting new technologies, and enhancing the capacity of domestic financial institutions. Key strategies include using tools like first-loss equity to attract private capital, creating platforms for green bonds, and supporting early-stage green businesses through incubators. The GCF also uses its readiness and preparatory support programme to help countries develop their own climate finance structures and access capital.

In his intervention, Ambassador Nafo highlighted Africa’s key priorities for the next GCF cycle, as well as the importance of transparency, noting that significant reforms that are being undertaken require ultimate consensus from all concerned stakeholders and interested parties.

“These transformative reforms being undertaken are significant and require the ultimate consensus from all parties,” he said. “In this case, the reforms must always be undertaken in a coordinated, engaged, and united manner with the co-chairs.”

B.43, scheduled to open on 27th October, is expected to be among the largest programming sessions in the Fund’s history. The project pipeline now represents approximately USD 1.4 billion, reflecting years of design and preparation by national institutions, partners, and communities.

Ambassador Nafo emphasized the responsibility to ensure that “these resources are approved soundly, fairly, and efficiently to deliver concrete climate benefits for developing countries.”