Board celebrates approval of projects worth $1.3bn at meeting in Samoa, but falls short of $2.5bn goal and delays key policy decisions
The Green Climate Fund board approved eight funding proposals worth US$315 million as a meeting in Samoa concluded on Friday.
It brings the total allocated by the UN’s flagship climate finance initiative in 2016 to $1.3 billion, far short of a $2.5bn aspirational goal.
Looming over the fund is a threat by US president-elect Donald Trump to axe an outstanding pledge that accounts for nearly a quarter of the $10bn starting capital.
Green Climate Fund Board meeting in Samoa approved US$315m in new activities – but little talk about the -$2bn elephant in the room. #GCFund pic.twitter.com/3Hufe8uk6T
— Oscar Reyes (@_oscar_reyes) December 15, 2016
Co-chairs of the board hailed the meeting a success. “This year has demonstrated that the fund is rapidly gathering pace with regard to scaling up climate finance,” said Zaheer Fakir, of South Africa.
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