The Green Climate Fund (GCF) has announced grant and loan commitments totaling nearly $1 billion in support of 17 climate mitigation, adaptation, and resiliency projects across the developing world.

The funding by GCF—a United Nations-sponsored multilateral financing vehicle that helps developing countries meet their commitments under the 2015 Paris Agreement—will leverage an additional $4.68 billion in grants and loans made by partner governments and agencies for a total commitment of approximately $5.67 billion. The latest funding boosts GCF’s portfolio to 270 projects totaling $14.9 billion in direct GCF support, with additional funding of $43.8 billion for a total investment of $58.7 billion to date.

The latest funded projects include $125 million (with $208 million in additional funding) in Latin America to de-risk public- and private-sector investments to develop markets for electric vehicles; $151 million (with $184 million in additional funding) in the Horn of Africa to bolster the productivity of local agricultural and food systems and improve the management of rangeland and pastoral landscapes to mitigate vulnerability in what is described as “one of the most disaster-prone regions in the world;” and $217 million (with $3.58 billion in additional funding) in India to help integrate climate finance with lending practices for loans that target investments in micro, small, and medium enterprises (MSMEs) to reduce the use of energy and mitigate agriculture and water use in vulnerable regions.

“GCF’s board is committed to ensuring strong momentum on climate action for climate-vulnerable nations,” said GCF board co-chair Milagros De Camps German. “I’m heartened by the progress GCF has made so far....We will continue to lead the efforts in providing critical financial resources by enhancing the predictability, speed, and scale of climate finance.”

For a complete list of new projects, see the Green Climate Fund website.

(Photo credit: Getty Images/Kong Jong Photostock)