The Green Climate Fund board has approved its largest single round of climate finance — $1.225 billion for 17 projects — and has adopted sweeping reforms to overhaul its often-criticized accreditation system to make it easier for organizations to access the funds.
The decisions, made at the fund’s latest board meeting which concluded on Thursday, come as global development finance faces mounting constraints, with GCF leadership underscoring the need to keep ambition high.
“We felt that 2025, given the context, we as the largest climate fund needed to keep our ambition high. We needed to make sure that we were leading that coalition of the ambitious,” Henry Gonzalez, GCF’s chief investment officer, told Devex.