Green Climate Fund's new head aims to include left-out communities in climate finance 

The Green Climate Fund (GCF), a United Nations initiative aimed at combating climate change, has announced its ambitious plan to revamp its operations under the leadership of its new head, Mafalda Duarte.

Duarte, a Portuguese climate finance expert, is determined to ensure that the GCF reaches communities and individuals who have thus far been underserved by climate finance efforts.

Speaking ahead of a pledging conference in Bonn, Duarte highlighted the need for a broader network of partners. "My premise is if we are to achieve the (climate) goals, we have to mobilize as much action as possible, and therefore we can't rely on a network of a few dozen institutions - we really need to work with a much broader network," Reuters quoted her as saying.

She emphasised the importance of understanding local contexts and communities to deliver impactful projects effectively.

One of Duarte's key proposals involves redirecting GCF resources to support local commercial banks and businesses in regions like Kenya. These entities would provide credit to farmers for clean energy equipment and facilitate the adoption of greener practices, such as solar-powered irrigation. Duarte recounted how climate-resilient agriculture projects funded by the GCF had already improved the lives of women farmers in East Africa.

While Duarte's vision for the GCF is promising, the United Nations estimates that hundreds of billions of dollars are required annually to help developing countries address global warming. Although rich nations pledged $9.3 billion for the 2024-2027 period, some climate justice groups expressed disappointment.

Reuters quoted Erika Lennon from the Centre for International Environmental Law as saying, "The overall amount pledged to the GCF is nowhere near commensurate with the urgency this crisis and climate justice demands."

Duarte remains optimistic, stating that several countries, including the United States, Italy, Sweden, Switzerland, and Australia, are still in the process of allocating funds. She believes these contributions, along with ongoing efforts, will surpass the 2019 pledges, with Australia recommitting to the GCF after a hiatus.

However, the U.S. has encountered challenges in securing congressional approval for international climate finance allocations. While President Joe Biden contributed $1 billion earlier this year, the U.S. still needs to fulfil its $3 billion pledge made by former President Barack Obama.

Aside from mobilising more funds, Duarte intends to simplify the process for developing countries to access GCF resources. Her "50by30" vision aims to efficiently manage $50 billion by 2030 and enhance the fund's impact. Duarte envisions expanding the pool of donors, calling on countries like China and fossil fuel-rich Gulf states to join. New donors, Israel and Mongolia, have already pledged contributions.

The "50by30" vision also prioritises vulnerable communities, private-sector involvement, streamlined project approval processes, and economic system transformation. To cater to the diverse needs of its partners, Duarte plans to adopt a tailored approach. She affirmed, "We have to meet the organisations where they are."

(With inputs from Reuters)

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