Green Climate Fund's $1b investment in renewables includes projects in India and Indonesia
About $100m will go to an Indonesian geothermal project with World Bank.
A proposed investment in 19 new renewables projects totalling $1.04b has been approved by the Green Climate Fund (GCF), marking its first financial replenishment.
According to an announcement, the projects are expected to see investment worth $4.2b for low-emission and climate-resilient development. GCF now has a portfolio of 93 projects that have a total worth of $4.61b.
Some of the newly approved investments in projects and programmes include $100m for the Indonesia Geothermal Resource Risk Mitigation Project with World Bank and $43.4m for the enhancement of climate resilience of India’s coastal communities with UNDP.
There are also 16 new partner organisations that could implement GCF projects. GCF now has 75 of these accredited entities, 41 of which are direct access, providing national and regional channels for developing countries to access GCF funds, as well as via GCF’s international accredited entities.
In 2018, GCF gave a nod to 42 new projects marking a total investment of $8.06b. There are now 39 of its projects under implementation.