The Green Climate Fund Board has approved $1.225 billion in new climate finance for developing nations, marking the largest single-meeting funding decision in the fund’s history, as it seeks to scale up support amid growing global demand for climate action.

The 42nd Board meeting, held this week in Papua New Guinea, saw 17 new climate adaptation and mitigation projects greenlit, expanding GCF’s active portfolio to 314 projects worth $18 billion in GCF resources and $67 billion including co-financing.

New Projects Target Climate-Vulnerable Nations

The approved projects include first-time, country-specific funding for Mauritania, Saint Lucia and Papua New Guinea. Many initiatives focus on Least Developed Countries, Small Island Developing States and African nations — regions considered especially vulnerable to climate change.

Notable investments include a $227 million equity stake in the Global Green Bonds Initiative to stimulate green finance in sub-Saharan Africa and a $200 million facility to boost green financing in India.

“These investments will improve resilience and accelerate mitigation efforts in 36 countries around the world,” said GCF Co-Chair Ambassador Seyni Nafo of Mali. “At a time when collective climate action is more needed than ever, GCF is stepping up.”

Accreditation Model Overhauled

In a major policy shift, the Board endorsed a comprehensive reform of its accreditation model to streamline partnerships and enhance inclusivity.

The revised framework introduces a nine-month service standard for reviewing new applications, boosting transparency and responsiveness.

The reforms are expected to strengthen Direct Access Entities — national and regional institutions eligible to receive funding — while maintaining rigorous accountability for all partners. Eight new entities, including seven Direct Access Entities, were accredited during the meeting.

“This was the largest policy package ever brought to the Board,” said Co-Chair Leif Holmberg of Sweden. “These reforms will speed up accreditation while maintaining accountability.”

Decentralization and Staffing Overhaul

The Board also moved forward on plans to expand GCF’s global footprint, approving a process to invite bids from countries to host regional offices and an outpost.

The decision follows a prior mandate to establish a regional presence, aiming to bring GCF operations closer to beneficiary countries.

To support its growing mandate, the Fund adopted new Staff Regulations aimed at enhancing the recruitment and retention of skilled personnel.

“We came here to deliver action, and we have done so,” said Executive Director Mafalda Duarte. “Alongside record financing, this Board meeting has approved critical policy changes that align with our 50 by 30 vision to make GCF the partner — and employer — of choice for climate action.”

Host Country Underscores Urgency

Hosting the meeting in Papua New Guinea — the second time a GCF Board session has convened in the Pacific — highlighted the existential risks facing island nations from climate change. Duarte underscored the region’s vulnerability and the urgency for increased climate finance.

Among the projects approved was one supporting Reducing Emissions from Deforestation and Forest Degradation, plus results in Papua New Guinea, alongside early warning systems in the Maldives, climate-resilient fisheries in Saint Lucia and climate-smart agriculture in Cambodia.

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