GCF Funding for Three Ambitious Climate Change Projects

GCF Funding for Three Ambitious Climate Change Projects



Including Pakistan, the Manila-based bank has acquired a new funding of $108 million from the GCF for its climate change projects, which are in pursuance of its commitment to address the climate challenges in the Asia and Pacific region.
This new funding includes $71 million in grants and $37 million in concessional loans. Moreover, the funding will be used as a co-financing support to the bank’s climate change projects in Tonga, Pakistan, and Kiribati.
These projects are in pursuance of the bank’s recently endorsed corporate strategy 2030, according to which 75 percent of the bank’s projects will ‘address climate mitigation and adaptation by 2030’.
The funding from GCF will be a huge help to this effort as it will ‘support the deployment of innovative technologies to address climate change challenges in Kiribati, Pakistan, and Tonga.’

What is Green Finance?

Green finance is the provision of any kind of funding like debt, grant, equity, investment guarantee and so on, with a condition that the recipient will deliver on the environmental aspects of the commercial or industrial activity. It refers to the provision of finances for projects that are environment-friendly.

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