Green Climate Fund Approves Record $2 Billion Funding

The Green Climate Fund has approved $1.97 billion for 21 projects, marking a significant increase in climate financing. This funding brings the total for the year to a record $3.2 billion, according to Mafalda Duarte, the fund's executive director.

The approvals were made during the latest board meeting, with the fund aiming to scale up private capital mobilization for every dollar invested. Duarte emphasized the importance of leveraging private-sector initiatives to enhance climate action.

The funding comes ahead of the COP31 climate talks in Turkey, where global leaders will discuss climate strategies. However, richer nations remain hesitant to commit more funds due to financial and political pressures.