Mafalda Duarte is pushing for a strategic shift in operations following a substantial influx of $9.3 billion in funding pledges from affluent nations.
Mafalda Duarte, the newly appointed head of the UN’s Green Climate Fund (GCF), is pushing for a strategic shift in operations following a substantial influx of $9.3 billion in funding pledges from affluent nations.
Duarte emphasizes the need for the GCF, now equipped with a capital of $17 billion after its latest replenishment, to collaborate with a wider spectrum of organizations. This approach aims to facilitate projects that are more closely aligned with local communities and ground-level realities.
Duarte, a seasoned climate finance expert from Portugal, envisions channelling more resources towards local commercial banks and businesses in regions like Kenya. These entities play a pivotal role in providing credit to farmers for adopting clean energy solutions such as solar-powered irrigation or transitioning to more eco-friendly practices.
During a recent visit to East Africa, Duarte observed firsthand the positive impact of GCF-supported climate-resilient agriculture projects on the lives of women farmers.
The GCF currently sponsors nearly 230 projects spanning 129 countries across Africa, Asia-Pacific, Latin America, the Caribbean, and Eastern Europe. These projects are evenly split between initiatives aimed at reducing emissions through clean energy adoption and those focused on adapting to extreme weather and rising sea levels.
While the GCF’s efforts are commendable, Duarte acknowledges that the demand far surpasses current capabilities. She emphasizes the need to understand local contexts, communities, and business models to ensure effective implementation.
Despite the recent funding pledges, climate justice groups express disappointment that the commitments fall short of the urgency and justice demanded by the climate crisis.
The United Nations estimates that hundreds of billions of dollars are required annually to support developing nations in their battle against global warming. Wealthy nations had pledged to mobilize $100 billion annually from 2020, a target yet to be fully met.
Duarte believes there is room for more countries, including the United States, Italy, Sweden, Switzerland, and Australia, to contribute as they navigate domestic budget processes. This collective effort aims to surpass the pledges made in 2019.
The GCF, under Duarte’s leadership, is also focused on streamlining accessibility for developing nations. This is part of her “50by30” vision, an ambitious initiative announced at the UN Climate Ambition Summit. The vision aims to efficiently manage $50 billion by 2030, directing it towards impactful climate initiatives.
Duarte emphasizes the need for tailor-made approaches to suit the varied needs of institutions in both public and private sectors. The current model, designed without anticipation for the high demand for GCF funding, is deemed inadequate.
As the GCF expands its donor pool to include larger developing economies, Duarte’s vision sets out to enhance support for the most vulnerable communities, stimulate private sector participation, expedite project approvals, and prioritize transformative programs over one-time efforts.
In her pursuit of an inclusive and responsive approach, Duarte states, “We have to meet the organizations where they are.” This adaptive strategy underscores the GCF’s commitment to empowering communities and accelerating climate action on a global scale.