July 30, 2025—Seventeen (17) new climate projects valued at USD1.225 billion are set to benefit low-income developing countries and small islands developing states, including 26 member countries of the Climate Vulnerable Forum and V20 Group (CVF-V20). These were deliberated and approved during the 42nd Green Climate Fund (GCF) Board Meeting held last June 30 to July 03 at Port Moresby, Papua New Guinea.

The meeting marked a significant milestone with a record-high project amount approval at a single boarding meeting, highlighting its commitment to scale up global response to climate change. With this new round of approvals, the GCF portfolio has grown to 314 projects, with USD 18 billion in GCF funding and USD67 billion in co-financing contributions.

The growing urgency of the climate crisis continues to highlight the disproportionate vulnerabilities faced by developing countries, particularly those within the CVF-V20. These nations have consistently called for climate justice, demanding fair, timely, and adequate access to climate finance. The outcomes of the recent GCF Board Meeting represent a significant step forward in meeting that demand.

Several impactful projects were approved under the GCF’s Simplified Approval Process (SAP), including an early warning initiative in the Maldives, a nature-based aquaculture project in Saint Lucia, and hydropanel installations in Asia-Pacific countries, such as Papua New Guinea, the Marshall Islands, Tonga, and Vanuatu.

The Board also greenlit key agricultural projects in Ghana, Cambodia, and Paraguay. In Ghana, the GCF will co-finance 90% of a project designed to support climate-resilient and sustainable livelihoods for farmers in the country’s northern region. In Cambodia, a climate-adaptive irrigation and sustainable agriculture initiative will receive USD80 million in GCF funding. Meanwhile, in Paraguay, the Board approved a USD50 million loan-based project to boost the development of the country’s green fertilizer industry, supporting a shift toward lower-emission agricultural inputs.

In Nepal, GCF will co-finance 72% of the total project cost for implementing downstream ecosystem-based disaster risk reduction measures and early warning systems in the country. Additionally, the Board approved a USD 63.4 million results-based REDD+ grant for Papua New Guinea, aimed at delivering results-based payments for verified emission reductions achieved between 2014 and 2016 in the country.

Eight (8) CVF-V20 countries in the African region will also benefit from the GCF-approved co-financing projects titled Scaling-Up Resilience in Africa’s Great Green Wall (SURAGGWA) and DaIMA – Dairy Interventions for Mitigation and Adaptation Initiative. Receiving USD 150 million from GCF,  SURAGGWA will enhance ecological and climate resilience across the recipient countries—including Niger, Chad, Burkina Faso, and Senegal—through landscape restoration and carbon sequestration. Moreover, GCF will cover 41.9% of the total funding cost of DalMa to reduce dairy value chain emissions across Kenya, Rwanda, Uganda, and Tanzania.

To accelerate a just energy transition in underserved regions, the GCF will co-finance 38.9% of the total project cost for deploying integrated utility services to expand clean energy access in the Caribbean, with Barbados among the key beneficiaries.

In an effort to scale up climate finance among low and middle-income countries, the Board granted an equity-based financing valued at USD233.64 million to support the development of local green bond markets across Africa, Asia-Pacific, Latin America, and the Caribbean. Recipients include Kenya, Bangladesh, Uganda, Namibia, Senegal, and Côte d’Ivoire.

Select CVF-V20 nations were also added as host countries in multi-country projects—Burkina Faso, Senegal, and Uganda in the Infrastructure Climate Resilient Fund while Liberia in Hardest-to-Reach. The decision entitles these countries to receive technical support and funding assistance from a pool of project activities. 

Further strengthening regional financing capacity, new GCF accreditation approvals were granted to institutions in CVF-V20 countries, including Costa Rica’s Banco Promerica, Côte d’Ivoire’s Banque Nationale d’Investissement, Development Bank of Namibia Limited, and Saint Lucia Development Bank. These entities will be responsible for submitting, receiving, and managing funding proposals on behalf of project countries.