GCF board endorses $440 mln in new projects to support climate action
SEJONG, March 1 (Yonhap) -- The Green Climate Fund (GCF), the South Korea-based United Nations climate fund aimed at helping poor nations fight global warming, has approved US$440 million in funding for new projects and programs, according to Seoul's finance ministry Friday.
The GCF's board held a three-day meeting in Incheon, west of Seoul, starting Monday, to discuss new funding and accreditation proposals.
Launched in late 2010, the GCF aims to channel money from industrialized nations to developing countries to help them tackle climate change-related problems.
The GCF now has a portfolio of 97 projects amounting to over $5 billion of GCF resources. It approved 42 new projects and mobilized $8.1 million in climate financing, including co-financing, in 2018.
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