Tuesday 23 October 2018

UN-backed fund pledges $1bn for 19 climate action projects

UN-backed fund pledges $1bn for 19 climate action projects

A UN-backed fund has pledged to invest more than $1 billion (£0.77bn) in climate mitigation projects in developing countries.

The Green Climate Fund (GCF) Board approved the grants for 19 new projects in nations including Brazil, India, Pakistan, Philippines and Colombia.

Some of the programmes supported include renewable energy, geothermal resource risk mitigation, water supply and rural electrification projects.

The GCF was set up to respond to climate change by investing in low-emission and climate-resilient development to limit or reduce greenhouse gas emissions in developing countries and help vulnerable socities adapt to the unavoidable impacts of global warming.

GCF Co-Chair Paul Oquist said: “Climate finance and climate project formulation are the two greatest bottlenecks to climate action in developing countries. GCF has a critical role to play in both.”

Written by

Bruna Pinhoni

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