Green Climate Fund portfolio surpasses $20 billion as new regional offices announced By: Nana Appiah Acquaye

By:  Nana Appiah Acquaye 

The Green Climate Fund has surpassed a major milestone, with its total investment portfolio exceeding $20 billion following the approval of $960.3 million in new climate finance projects at its 44th Board meeting.

The funding will support 18 new projects across developing countries, reinforcing the Fund’s position as a leading global financing mechanism for climate action. The latest approvals bring the GCF’s portfolio to 354 projects and programmes worldwide.

In a landmark decision, the Board also approved the establishment of regional offices to strengthen its presence closer to beneficiary countries. New offices will be located in Panama City for Latin America and the Caribbean, Amman for Eastern Europe, Central Asia and the Middle East, and Suva for the Pacific. Africa will host two regional offices in Nairobi covering East and Southern Africa, and Abidjan serving Central, North and West Africa.

The decision marks the first time the GCF will establish a physical regional presence, aimed at improving coordination with national authorities, accelerating project development, and enhancing implementation and monitoring.

Africa featured prominently in the latest funding round, receiving approximately $441 million, representing 46 percent of the total new approvals. Among the key initiatives is the ASCENT-GREEN programme, a $250 million project implemented with the World Bank to expand resilient energy access across 21 countries in Eastern and Southern Africa.

The Board also approved the first single-country investments in Chad, Jamaica, and The Bahamas, signaling a broader reach of climate finance.

In addition, 10 new entities were accredited to partner with the Fund, including six Direct Access Entities from developing countries, strengthening local capacity to implement climate initiatives.

Speaking after the meeting, GCF Co-Chair Seyni Nafo said the approvals would deliver climate finance at scale, particularly for communities most in need, while Co-Chair Leif Holmberg noted that the establishment of regional offices would improve efficiency and accelerate delivery on the ground.

GCF Executive Director Mafalda Duarte described the decision as a landmark moment, emphasizing that the expanded regional presence would deepen engagement and increase impact in developing countries.

The Board meeting, held from March 25 to 28 at the Fund’s headquarters in Songdo, also saw the reappointment of Nafo and Holmberg for a second term in 2026.

The GCF works with a network of 168 accredited partner organizations operating in more than 130 countries, supporting climate mitigation and adaptation efforts globally.