The Green Climate Fund (GCF) has introduced important reforms designed to simplify the accreditation process for organizations in developing countries wishing to access funding for climate projects. Achala Abeysinghe, the director of investment services at GCF, indicated at a recent board meeting in Papua New Guinea that the previous system has been overly slow and complicated, which has limited the GCF’s effectiveness in addressing climate-related challenges.
These new measures aim to reduce the average accreditation time from 30 months to just nine, making the process more efficient and accountable. Support for these changes has come from various GCF board members, especially those representing nations that have expressed frustration over lengthy accreditation delays.
Key reforms include deferring many due diligence checks until an organization applies for funds rather than at the accreditation stage. This approach allows for a tailored assessment based on actual project needs. Additionally, fast-track accreditation will be extended to organizations already approved by similar funding bodies, and fee reductions will apply to national and regional institutions, notably those from the world’s least developed countries.
While many stakeholders, like María Fernanda Souza from Paraguay, view the changes as a step toward increased efficiency, there are concerns, particularly from representatives like Kairos Dela Cruz from the Philippines, who worry that the two-month window for addressing problems could pose challenges for regional organizations seeking accreditation.
The board also approved eight new organizations for accreditation and authorized funding for 17 climate projects during the meeting, allocating a record $1.225 billion. These projects focus on enhancing climate resilience, such as improving drinking water supply in Pacific islands and strengthening ecosystems in the Sahara Desert.
These reforms represent a significant advancement in making climate finance more accessible to vulnerable regions, thereby supporting timely and impactful actions against climate change. The GCF’s proactive approach to streamline processes reflects its commitment to fostering resilience and empowering communities facing severe climate impacts. The implementation of the new system is targeted for completion by October 2025, promising a more equipped response to climate challenges in the years to come.
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