GCF projects are showing rapid acceleration in implementation

The 21st meeting of the Green Climate Fund (GCF) Board ended today in Bahrain, approving over one billion dollars of new projects and programmes to support climate action in developing countries, and formally launching the Fund’s first replenishment.

The 19 new projects amount to a total investment from GCF of USD 1,038 million, and including co-financing the projects will channel over USD 4,244 million of climate finance for low-emission, climate-resilient development. GCF now has a portfolio of 93 projects amounting to over USD 4,605 million of GCF resources.

At the close of the four day meeting the Board decided to launch the process for the Green Climate Fund’s first formal replenishment, marking a key moment in the development of the world’s largest dedicated fund for climate action.

Mongolia has actively engaged with the GCF since 2014. As a country, Mongolia has both successfully developed and executed four mitigation project proposals worth USD 183,7 million; these four projects address areas of need ranging from access to capital for the implementation of energy efficient technology, to the building of a renewable energy power plant, amongst others. Mongolia has also successfully developed four readiness projects, worth USD 3.9 million, which have contributed to increased country ownership, and improved knowledge amongst interested entities on how to effectively access the GCF.

Moreover, Mongolia is actively get involved for the regional and international initiatives that are worth for USD 578,5 million. To date, Mongolia has one of the highest numbers of approved projects proposals out of all 160 countries eligible for GCF funding. More specifically, Tajikistan leads the GCF eligible countries with five approved proposals. Grenada, Mongolia and Morocco come in second, each with four approved project proposals. The NDA of Mongolia has achieved this successful rate of proposal approval due to it’s diligent effort to access GCF funding through collaboration with both national and international entities.

To date, the following four mitigation projects of Mongolia have been approved by the GCF and are currently under implementation:

Project/programme name

Financing in USD

Duration

Delivery partner

Readiness area

GCF financing

Co-financing

Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Project (AHURP-FP077)

145,000,000

381,100,000

2017-

ADB

Mitigation and Adaptation

Renewable Energy Program #1-Solar (FP046)

8,700,000

8,900,000

2017-2027

XacBank

Mitigation

Business loan programme for GHG emissions reduction (FP028)

20,000,000

40,000,000

2017-2025

XacBank

Mitigation

Energy efficient consumption loan programme

(SAP004)

10,000,000

11,500,000

2018-2028

Xacbank

Mitigation

 

Regional, international projects that are approved:

Project/programme name

Financing in USD

Duration

Delivery partner

Readiness area

GCF financing

Co-financing

GCF-FMO

Climate Investor One

100,000,000

721,500,000

2018-2038

FMO

Mitigation

GCF-EBRD

Green cities facility (FP086)

100,500,000

513,400,000

2018-2032

European Bank for Reconstruction and Development (EBRD)

Mitigation and Adaptation

GCF-EBRD Sustainable Energy Financing Facilities (FP025)

378,000,000

1,007,000,000

2017-2032

European Bank for Reconstruction and Development (EBRD)

Mitigation and Adaptation

 

To date, four readiness support programmes have been approved by GCF and are under implementation in Mongolia:

Readiness programme name

Financing in USD

Duration

Delivery partner

Readiness area

GCF financing

Co-financing

Strengthening the country coordination and National Designated Authority (NDA)/ National Focal Point (NFP) of Mongolia for efficient engagement with the GCF

300,000

 

1 year

XacBank

NDA Strengthening and Country Programming

Readiness Support for Enhancing Access to Green Finance in Mongolia

350,000

140,000

1 year

GGGI

Strategic Frameworks

Building capacity to advance National Adaptation Plan Process in Mongolia

2,890,997

 

3 years

(2018-2020)

UNEP

Strategic Frameworks

Scaling-up of Implementation of Low-Carbon District Heating Systems in Mongolia

368,000

50,000

1 year

UNEP

Adaptation Planning