FORTY-FIRST MEETING OF THE GCF BOARD (B.41)

Songdo, Incheon, Republic of Korea
17 - 20 February 2025

The Green Climate Fund (GCF) is hosting the 41st meeting of the Board (B.41), which kicked-off on 17th February, in Songdo, Incheon, Republic of Korea and set to close on 20th February, 2025.
The meeting, which is being co-chaired by Ambassador Seyni Nafo of Mali, representing the developing countries constituency, is set to consider twelve new climate projects, totalling USD 736.8 million of GCF funding.

Ambassador Nafo, who is also the Coordinator of the Africa Adaptation Initiative (AAI), noted the need to continue on the adaptation trajectory as half of the proposed projects being considered focus on adaptation in some of the world’s most climate-vulnerable countries.
"For us in Africa and the majority of the developing countries, adaptation remains key,"said Ambassador Nafo. "Our countries are already facing catastrophic climate consequences and need to adapt at all costs. It is therefore good progress to note that half of what we are considering here as a Board are adaptation projects. This is the way to go."

Among the projects being considered are three private-sector projects, and two would be the first single-country projects for Togo and Serbia. Three projects were developed under the Project-specific Assessment Approach (PSAA), a recent initiative to facilitate new partnerships and enhance access to GCF funding.

The Board is also considering the accreditation of six new organisations as GCF project implementing partners. Five of the six are regional or national organisations, with the majority coming from a Least Developed Country or Small Island Developing State.
Other items on the agenda include discussions about establishing a GCF regional presence to enhance the Fund’s support for developing countries.

Nearly 400 participants are attending the meeting, including observers from civil society and private sector organisations, National Designated Authorities (NDAs), Accredited Entities, and other partners who assist in delivering climate finance to developing countries.
GCF Board members and their alternates are drawn equally from developed and developing countries.
Prior to the meeting, Ambassador Nafo and his co-chair led the members into an informal board meeting.