/Green Climate Fund

The Green Climate Fund (GCF) was created in 2010 as a global fund helping developing countries overcome the challenges of climate change. The GCF aims to catalyze the flow of climate finance to low-emission and climate-resilient development, driving a change in thinking in the global response to climate change. The fund’s investments can be in the form of grants, loans, equity, or guarantees.

The GCF, established by the 194 signatory countries of the United Nations Framework Convention on Climate Change, focuses on reducing greenhouse gas emissions in developing countries and helping vulnerable societies adapt to the unavoidable impacts of climate change.

In 2022, the GCF supported five investment and technical assistance projects. This was the year where GCF’s contribution to the ASEAN Catalytic Green Financing Facility cofinanced several initiatives on (i) energy transition in Cambodia; (ii) attracting private sector green financing in ASEAN countries; and (iii) an advisory and knowledge support initiative to plan and prepare bankable green infrastructure projects for Cambodia, Indonesia, the Lao People’s Democratic Republic, and the Philippines under the Accelerating Climate Transitions through Green Finance in Southeast Asia. The latter project is a $10.1 million multicountry support approach envisaged to mobilize public and private sector commitments under the Paris Agreement. In addition, through a $100 million loan cofinancing, the GCF aided the Shandong Green Development Fund Project to pilot an innovative leveraging mechanism to catalyze private, institutional, and commercial capital for the development of climate-positive infrastructure and business in Shandong Province, People’s Republic of China. In July 2022, the GCF Board approved the re-accreditation application of ADB for the next 5 years.