GCF Board Approves USD 700.6 Million for Climate Action, with Africa Receiving 26% of Total Investments

The 45th Board Meeting of the Green Climate Fund (B.45) concluded in Dushanbe, Tajikistan on July 2, 2026, with the approval of 10 funding proposals amounting to USD 369.1 million in GCF financing. Combined with USD 331.5 million in co-financing, the approved portfolio has a total value of USD 700.6 million to strengthen climate resilience and support low-emission development across developing countries. It is worth noting that this is a relatively low figure compared to what is normally presented to the Board for approval.

Of the ten approved projects, six are adaptation projects valued at USD 241.2 million, while four are cross-cutting projects supporting both adaptation and mitigation. The meeting marked a historic milestone with the approval of the first-ever GCF-funded projects for the Central African Republic and Syria, further expanding the Fund’s reach to some of the world’s most climate-vulnerable countries.

Africa Secures Three Climate Projects

Africa received USD 152.9 million across three projects in Togo (USD 43.8 million), the Central African Republic (USD 69.1 million), and Côte d’Ivoire (USD 40 million), to be implemented by GIZ, UNICEF, and CGIAR, respectively. The USD 28.7 million in co-financing increases the total value of the approved projects in Africa to USD 181.6 million, representing 25.9% of the Board’s total approved portfolio.

The approved African projects include:

• FP303 – Central African Republic: Strengthen climate-resilient water, sanitation and hygiene (WASH) services and disaster risk management through resilient infrastructure, early warning systems, and strengthened institutional capacity (Accredited Entity: UNICEF).
• FP304 – Côte d’Ivoire: Support climate-smart agriculture through sustainable land management, agroforestry, climate information services, and resilient agricultural value chains (Accredited Entity: CGIAR).
• FP305 – Togo: Strengthen climate-resilient health systems by improving disease surveillance, resilient health infrastructure, governance, supply chains, and community adaptation (Accredited Entity: GIZ).
• Other approved projects: Access here 11-consideration-funding-proposals-gcf-b45-02.pdf).

Direct Access Remains a Key Challenge

While the approval of three projects is a positive outcome, concerns remain regarding equitable access to climate finance.

Approximately 80% of GCF resources continue to flow through International Accredited Entities (IAEs), which often charge high project management costs, and there is limited transparency on how much of these resources reach national and local implementing partners. This is a persistent challenge in tracking how much reaches vulnerable communities on the frontlines of climate change.

During B.45, no African National Direct Access Entity (DAE) presented a project for approval. This raises important questions about whether the barriers limiting direct access by national institutions are being addressed adequately to enable them to access climate finance at the speed and scale required to meet Africa’s climate adaptation needs. Increasing the number of Direct Access Entities is only part of the solution; the real measure of success is whether these institutions can successfully access GCF resources consistently.

Nine New Accredited Entities Approved

The Board also approved the accreditation of nine new entities. Six are Direct Access Entities (DAEs): Equity Bank Kenya, Mali-Folkecenter Nyetaa, COFIDE (Peru), Indonesia Infrastructure Finance, the Development Bank of Ecuador, and the Town Development Fund (Nepal). The other three are International Access Entities (IAEs): Helvetas, People in Need, and Climate Fund Managers.

These approvals bring the total number of GCF Accredited Entities to 177, of which 119 are national and regional Direct Access Entities.

The Development Bank of Ecuador becomes Ecuador’s first national DAE, while Equity Bank Kenya further strengthens Africa’s growing network of institutions accredited to directly access GCF resources.

Financial Reforms and the Third Replenishment

The Board launched preparations for the Third Green Climate Fund Replenishment (GCF-3), which will mobilise new financial contributions to support the Fund’s next programming cycle.

The Board agreed to revise the GCF’s financial rules, removing the requirement to set aside one dollar in reserve for every dollar used. The decision is expected to unlock nearly USD 6 billion for new climate investments. However, concerns remain over whether these additional resources will primarily support loans rather than grants for adaptation, particularly for countries with limited fiscal space.

Jessica Mwanzia, Climate Finance Lead