Green Climate Fund, 687 million USD investments - Distributed in 42 countries, projects also include the Balkans
The Green Climate Fund, the world's largest fund to help developing countries cope with the impacts of climate change, approved $686.8 million in funding at its latest meeting.
The Seoul-based group said the investment would help attract other financing partners and mobilize about $1.5 billion for 11 projects in 42 countries, providing support to 115 million people.
Among them was a project to increase the sustainability and resilience of forests in Serbia and one for poor communities in Togo.
"During these challenging times, the Fund is demonstrating how countries are able to reaffirm their individual and collective commitment to accelerate support to climate-vulnerable communities," official sources said.
The board's agreement follows a recent decision by the US government to cancel pledges of financial support to the Climate Fund, as part of a review of plans following the election of Donald Trump.
In addition to announcing new funds, the board also agreed to create “a regional presence” to bring it closer to the countries it serves and increase the climate impact of projects.
By region, the majority of the Fund's investments, around 38%, are located in Africa, 32% in Latin America and the Caribbean and 27% in Asia-Pacific. While only 3% are located in Eastern Europe, Central Asia and the Middle East.
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