BAKU, Azerbaijan, March 29. Green Climate Fund (GCF), established after the signing of the UN Paris Climate Agreement and is the world's largest specialized fund, reported about the acceleration of reforms to facilitate access to GCF funds, GCF Executive Director Mafalda Duarte wrote on social media, Trend reports.
"It is essential to provide concessional climate finance. Capital has the power to pressure the private sector and development banks to meet aggressive climate objectives," she believes.
According to Duarte, the GCF is accelerating reforms to realize the fund's full potential as a partner for developing countries.
"We are working to simplify access to the fund's resources, to expand the financial ecosystem, and to use our funds for their intended purpose better," Duarte emphasized.
To note, the Fund previously approved a strategic plan for 2024–2027, in which, among other things, it set the goal of doubling the number of organizations with access to "green finance" and facilitating the receipt of "green loans" for those private entrepreneurs whose businesses guarantee a low level of greenhouse gas emissions.
The Fund aims to increase the number of renewable energy facilities in the world.
The GCF currently has $13.5 billion in its account.
The Foundation participates in co-financing programs for the energy transition in 120 countries, totaling $51.9 billion.
The Fund's annual financing program for selected projects averages up to $2 billion.
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