Mafalda Duarte, the newly appointed head of the United Nations’ Green Climate Fund (GCF), is set on a transformative path. Bolstered by fresh pledges of US$9.3 billion from affluent nations, the GCF, the world’s largest multilateral climate fund, is poised for a paradigm shift. Duarte envisions a GCF that collaborates with a broader spectrum of local partners and channels financial resources to those who are most vulnerable, individuals who have often been overlooked in climate financing efforts.
In an interview, Duarte emphasized the necessity of mobilizing widespread action to meet climate goals. She advocated for a departure from relying on a limited network of institutions and, instead, advocated for a more extensive and inclusive partnership framework. This shift would involve diverting more resources from the GCF to support local commercial banks and businesses. For example, in places like Kenya, financial support would be directed towards farmers for clean energy initiatives such as solar-powered irrigation, or to facilitate the transition to eco-friendly practices.
Duarte, a seasoned climate finance expert from Portugal who assumed leadership of the fund in August, recounted how climate-resilient agricultural projects supported by the GCF have already made a positive impact on the lives of women farmers during her recent visit to East Africa. These initiatives, which exemplify the GCF’s mission, underscore the importance of understanding local contexts, communities, and the underlying business models to drive meaningful change.
The Green Climate Fund’s scope of influence is considerable, with support extended to nearly 230 projects spanning 129 countries across Africa, Asia-Pacific, Latin America, the Caribbean, and Eastern Europe. This encompasses endeavors aimed at both reducing planet-warming emissions through clean energy adoption and adapting to the intensifying challenges posed by extreme weather events and rising sea levels.
However, despite commendable progress, the United Nations estimates that hundreds of billions of dollars are still required annually to assist developing nations in combating global warming. Wealthy governments, despite their commitments, have fallen short of the promise to mobilize US$100 billion annually since 2020.
As Duarte navigates the complexities of international climate finance, there is anticipation surrounding the awaited pledge from the United States. The GCF has garnered support from a consortium of 25 affluent nations, including Germany, Britain, France, and Japan, who have collectively pledged US$9.3 billion for the 2024-2027 period. While this represents a noteworthy commitment, climate justice advocates assert that more substantial contributions are imperative given the urgency of the climate crisis.
In her quest to enhance the GCF’s impact, Duarte has unveiled the “50by30” vision, an ambitious plan designed to expedite the efficient deployment of US$50 billion by 2030. This initiative emphasizes a more targeted approach that prioritizes the needs of vulnerable communities and fosters private sector involvement. Furthermore, it seeks to streamline project approval processes and focus on programs capable of effecting systemic economic transformation.
Duarte’s leadership is poised to steer the GCF towards a more responsive and adaptable framework. The fund, which currently collaborates with nearly 120 partners, is actively seeking to broaden its network. This expansion aims to accommodate a diverse array of partners, reflecting the evolving landscape of climate finance.
As the GCF embarks on this ambitious journey, Duarte contends that the current operational model must evolve to meet the heightened demand for climate finance. A tailored, context-specific approach is paramount to effectively address the unique requirements of different institutions, both in the public and private sectors. The GCF, under Duarte’s stewardship, is poised to play a pivotal role in advancing climate resilience and sustainable development on a global scale.
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