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While the GCF was intended to make the CIFs obsolete, the CIFs still have a key role to play, at least for the time being, argues Alexandra Tracy

The Green Climate Fund (GCF) has allocated $879 million to developing countries with the intention of increasing climate action in a way that can adapt to the effects of the Covid-19 pandemic.

As she steps down after four years as a private sector observer to the South Korea-based fund, Alexandra Tracy shares her reflections

This week’s UN Climate Action Summit has seen a host of countries, including Sweden and South Korea, make commitments to the replenishment of the Green Climate Fund (GCF), totalling $1.4 billion.

This story supersedes an earlier story 'UK & Canada double their GCF contributions' and includes new information.

The Green Climate Fund (GCF) has agreed to invest $266.9 million in 10 more projects in emerging markets. Alongside co-financing, the commitments will see over $1.4 billion invested for low-emission, climate-resilient development.

Climate Investor One (CIO), a blended finance vehicle set up by Dutch and South African institutions, has reached $850 million at its final close, far above its initial target of $530 million.

London-based Osmosis Investment Management, a $1.5 billion sustainable asset management business, has appointed Mike Even to its board of directors.

The Green Climate Fund (GCF) has committed $500 million to a pilot programme that will finance REDD+ emissions reductions projects, and $392 million to fund another 11 climate finance projects in developing countries.