The board of the Green Climate Fund (GCF) recently approved key reforms designed to streamline the accreditation process for organizations seeking funding for climate projects, particularly in developing countries. Achala Abeysinghe, the director of investment services at GCF, noted that the existing accreditation system is perceived as “slow, cumbersome and difficult to navigate,” which has hindered the fund’s effectiveness in addressing climate challenges on the ground.
These new measures intend to cut the time it takes to accredit regional and national entities from an average of 30 months down to just nine. By deferring many due diligence checks until after organizations apply for funding—rather than prior to accreditation—the GCF hopes to tailor the scrutiny based on actual project requirements. This approach has garnered widespread support from board members, including representatives from countries that have been critical of the lengthy processes.
María Fernanda Souza, a board member from Paraguay, referred to the reforms as a “positive step” towards enhancing efficiency and alignment with the fund’s strategic objectives. The changes also include fast-tracking accreditation for organizations previously approved for funding by similar institutions and reducing fees for national and regional entities, particularly those from least-developed countries.
While these changes are designed to be more responsive, some stakeholders, including Kairos Dela Cruz from the Institute for Climate and Sustainable Cities in the Philippines, expressed concerns that the new timelines for addressing issues could be too restrictive.
The GCF’s reforms will officially take effect by October 2025. During the recent board meeting, the GCF accredited eight new organizations and greenlit 17 climate projects, committing a record amount of $1.225 billion to initiatives aimed at enhancing climate resilience—like improving access to drinking water on Pacific islands and boosting the ability of Sahara desert ecosystems to adapt to climate impacts.
This forward-thinking approach could greatly enhance the accessibility of climate finance for vulnerable regions, facilitating timely actions necessary to combat climate change effectively. With these significant reforms, the GCF is taking decisive steps towards empowering nations facing the brunt of climate challenges, fostering resilience, and enabling impactful projects that can transform communities for a sustainable future.
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