Executive Director Howard Bamsey highlighted the ability of the Green Climate Fund to scale-up, innovate, and deliver climate finance in his speech to the One Planet Summit. Addressing the audience of global leaders, climate activists, and financial institutions, Mr Bamsey emphasised that GCF is responding to its given role of serving the Paris Agreement by supporting and accelerating the common efforts to fight climate change.
“As the dedicated climate fund serving the Paris Agreement, GCF is strongly driven by countries. We help them to take the climate action they have chosen to reach their NDC ambitions,” he stated.
“We are a fund, not a bank, which gives us flexibility,” he continued. “The key to success is catalysing private finance. Our risk appetite means that we can engage the private sector in developing countries, supporting ideas at the frontier of climate finance.”
Mr Bamsey flagged the recent USD 500 million Request for Proposals (RFP) issued by GCF, which generated 350 concept notes aimed at mobilising private sector investments at scale. GCF has shortlisted 30 of those proposals with the potential to leverage over USD 3 in private capital for every USD 1 of public funds invested, and to deliver innovative climate solutions to support low emission and climate resilient development.