The board of directors of the Green Climate Fund (GCF) allocated $ 501.1 million in resources for new climate projects at its twenty-ninth meeting and took important steps to strengthen its results management. growing portfolio.
The four new climate projects approved at the meeting will mobilize a total of USD 2,949 million for climate action in Africa, Asia and Latin America, with three of the four new projects targeting support to the most vulnerable countries, including least developed countries, small islands developing states and African states.
The (4) projects were approved at the meeting: on (FP165); (FP166); the (FP167); and the (LEAF) ‘(FP168).
The Leveraging Energy Access Finance Framework (LEAF) program is a $ 170.9 million private sector project in six African countries (namely Ghana, Guinea, Ethiopia, Kenya, Nigeria and Tunisia. LEAF, Africa’s solar resources will be harnessed to provide renewable energy to six million people and businesses, and will prevent the emission of 28.8 million tonnes of CO2.
The LEAF framework will enable African states to move beyond carbon-intensive energy models by attracting private capital investments to provide decentralized access to renewable energy.