• Africa receives $441 million, or 46% of newly approved GCF funding

• $250 million regional energy program leads latest approvals

• Funding underscores scale of climate risks and financing needs

The Green Climate Fund (GCF) has approved $441 million in financing for seven projects in Africa, following its 44th board meeting held from March 25 to 28 in Songdo, South Korea.

The allocation represents 46% of the $960.3 million approved for 18 projects across developing countries worldwide. It brings the Fund’s total portfolio to more than $20 billion, covering 354 projects and programs.

Major funding amid persistent vulnerability

Among the flagship initiatives is the ASCENT-GREEN program, backed by $250 million and implemented in partnership with the World Bank. The program aims to expand access to sustainable and resilient energy across 21 countries in East and Southern Africa. It was the largest single project approved during the session.

The Fund also approved the establishment of regional offices in Côte d’Ivoire and Kenya. According to Malian ambassador Seyni Nafo, the objective is to bring the Fund closer to the countries it serves. The move strengthens the role of Abidjan and Nairobi as regional financial and institutional hubs and is expected to improve access to international climate finance.

The decision comes as Africa continues to face significant climate financing needs while remaining one of the regions most exposed to climate change impacts.

According to the African Development Bank, the 2021 Climate Vulnerability Index showed that nine of the ten most vulnerable countries globally are in sub-Saharan Africa. Since 2020, the continent has recorded annual losses estimated between $7 billion and $15 billion due to climate-related shocks. These costs could rise to nearly $50 billion per year by 2030, representing up to 7% of Africa’s GDP on average.

Carelle Yourann (Intern)