The Green Climate Fund (GCF) has announced grant and loan commitments totaling more than $1 billion in support of 16 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 $1.82 billion in co-financing—in the form of grants, loans, and equity and in-kind pledges—made by government, agency, and private sector partners for a total funding pool of approximately $2.83 billion. This final round of 2024 grantmaking boosts GCF’s portfolio to 286 projects totaling $15.9 billion in direct GCF support, with additional funding of $43.8 billion for a total investment of $61.5 billion to date.

Funded projects include $258 million (with more than $1 billion in additional funding) to improve and expand water and sanitation systems in 12 countries across Africa, Eastern Europe, the Asia-Pacific region, and Latin America and the Caribbean; $200 million (with $469 million in additional funding) to accelerate climate-resiliency projects in 13 countries across Africa, Eastern Europe, and the Asia-Pacific region; and $96.7 million (with $6.7 million in additional funding) to unlock investment in forest conservation and the deforestation-free value chains in Vietnam. In addition, the awards include a total of $178.9 million in GCF grants and partner co-financing for first-time single-country projects in Angola, Iraq, Somalia, and Azerbaijan.

“The decisions [of the GCF board] show our commitment to accelerating climate action for climate-vulnerable nations,” said board co-chair Sarah Metcalf. “[Our] updated risk appetite statement reinforces GCF’s ability to invest in new markets and technologies and bring other funders to the table.”

For a list of projects, visit the Green Climate Fund website.

(Photo credit: Getty Images/borgogniels)