Climate fund approves $1bn for projects in poor countries
The biggest source of green funding for developing countries is ‘back on the rails’ after being undermined by political squabbling and Trump’s funding withdrawal
Barcelona — The world’s biggest fund for tackling climate change in the developing world has approved investment of about $1bn in new projects and launched a process to refill its coffers, putting it back on track after a difficult few months. Progress at the latest meeting of the Green Climate Fund (GCF) board, which wrapped up on Saturday evening in Bahrain, was viewed as key to smooth the way for UN climate talks in December tasked with agreeing rules to implement the 2015 Paris Agreement to curb global warming. GCF board co-chair Lennart Båge of Sweden said the results from last week’s meeting had “exceeded expectations”, while UN climate chief Patricia Espinosa said in a tweet it had sent an “important signal” ahead of the upcoming climate conference. Researchers with the US-based World Resources Institute (WRI), who attended the board meeting, told the Thomson Reuters Foundation the GCF was “back on the rails” after a previous meeting in July broke down amid political squabbli...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.