The Green Climate Fund (GCF) approved approximately $1.97 billion in climate financing for 21 projects at its 46th Board meeting, bringing its 2026 approvals to a record $3.3 billion. The Board also accredited 16 new partners, adopted policies for its next programming period, GCF-3, and reappointed Executive Director Mafalda Duarte for a second four-year term.
Key Takeaways
- GCF approved $1.97 billion for 21 climate projects at its 46th Board meeting.
- Total approvals in 2026 reached a record $3.3 billion.
- The new approvals bring the portfolio to 379 projects and programmes, with $22.3 billion in GCF funding.
- The Board accredited 16 new partners and adopted policies ahead of the GCF-3 programming period.
- Mafalda Duarte was reappointed for a second four-year term as Executive Director.
Green Climate Fund Approves $1.97 Billion for 21 Projects
The Green Climate Fund (GCF), the largest global climate fund for developing countries, announced that it approved nearly $2 billion in climate finance for 21 projects at its GCF Board meeting, bringing its 2026 approvals to a record $3.3 billion.
The announcement followed the 46th meeting of the Fund’s Board of Directors, during which the Board approved 21 climate projects, accredited 16 new partners, and adopted policies designed to pave the way for the next programming period, known as GCF-3.
The total value of new climate financing approved at the meeting reached approximately USD 1.97 billion, including additional funding for an existing facility. This decision further strengthens the Fund’s capacity to expand the scope of its climate interventions.
The 21 new projects reach 44 developing countries across Africa, Asia Pacific, Eastern Europe, Central Asia and the Middle East, and Latin America and the Caribbean.
Newly approved projects include the Africa Sovereign Climate Facility (ASCF) with Africa Finance Corporation, Regional Programmatic Approach on Climate Action (RPACA) with Asian Development Bank, Securing Permanent Forests to Combat Climate Change and Enhance Sustainable National and Local Economies in Cameroon (SPEFOCE), the Southern African Industrial Decarbonization Facility (SIDF) with Development Bank of Southern Africa Limited, and second-tranche funding for the Green Cities Facility with the European Bank for Reconstruction and Development.
Record Approvals Follow Balance Sheet Reforms
The new approvals follow the launch of balance sheet efficiency measures at GCF’s board meeting in July, which roughly quadrupled its capacity to finance new climate projects, adding $4 billion for investments through a change in its balance sheet management approach.
At the time, GCF said that the new approach, which reduced the amount of capital that it holds in reserve on its balance sheet, would make approximately $5.65 billion available for funding new programmes and projects over the next two years, compared to $1.37 billion previously.
GCF said that the new balance sheet efficiency measures contributed to the record 2026 approvals.
GCF efficiency reforms are becoming the new normal; 13 of the 15 projects subject to the Efficient GCF standard met it, with an average review time of six months against the nine-month target.
Portfolio Expands and Direct Access Strengthens
The new approvals bring GCF’s portfolio to 379 projects and programmes with $22.3 billion in funding. Including co-financing, the total reaches $87.3 billion.
Direct Access Entities (DAEs) will manage 34 percent of the funding approved at the Board meeting, marking strong support for increasing direct access. Five projects are the first single-country projects for their countries: Algeria, Cameroon (two projects), Moldova and Yemen.
The projects also include the first direct sovereign loan responding to the Belém call to action for the Congo Basin Forests. Two Brazilian projects (FP326 and FP327) are the first GCF projects approved from the pipeline of a GCF Readiness-supported country platform: the Brazil Climate and Ecological Transformation Investment Platform.
The Board approved 16 new accreditation applicants, nine of them DAEs. Thirteen are the first entities accredited under the Revised Accreditation Framework, with an average review time of four months against the nine-month service standard. Maldives Finance and Leasing Company Private Limited becomes the first national DAE of Maldives.
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GCF Prepares for Its Next Programming Period
In preparation for the GCF-3 replenishment, the Board approved two landmark policies: an updated Policy for Contributions for GCF-3 with greater flexibility to engage with contributors and the Fund’s first-ever Policy for Contributions from Other Sources to mobilise contributions from non-sovereign and alternative sources.
The policies adopted at the 46th Board meeting are expected to provide a foundation for the Fund’s next phase of operations, supporting financing continuity, improving project effectiveness, and expanding their developmental and environmental impact.
Executive Director Reappointed
The Board reappointed Mafalda Duarte for a second four-year term as Executive Director. Duarte joined GCF in 2023, after serving as CEO at Climate Investment Funds.
Duarte said: “Over the last three years we have implemented deep reforms which have already started to demonstrate significant impact, for example through a more efficient and fit-for-purpose accreditation framework and project due diligence, and more efficient management of the balance sheet. And we did this while reaching record levels of finance and approving projects in countries inadequately supported by climate finance.”
Outlook
The latest approvals mark another record year for GCF and expand its financing reach across developing countries. The Board’s decisions also strengthen direct access, widen the network of accredited partners and establish policies for the Fund’s next programming cycle.
As GCF prepares for GCF-3, the focus will be on translating approved financing and institutional reforms into effective climate projects and tangible results for countries and communities.
FAQs
How much climate finance did GCF approve at its 46th Board meeting?
Approximately $1.97 billion for 21 projects.
What is GCF’s total approval amount for 2026?
A record $3.3 billion.
How many projects and programmes are in GCF’s portfolio?
The portfolio now includes 379 projects and programmes, with $22.3 billion in GCF funding.
Who was reappointed as GCF Executive Director?
Mafalda Duarte was reappointed for a second four-year term.
Sources: ESG Today/ Pina/Yemen Online
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