Setting the stage for the Green Climate Fund’s first replenishment
The Green Climate Fund (GCF) – with a mandate to accelerate climate action in developing countries – has great potential to support transformational investments in developing countries to achieve the goals set out in the Paris Climate Agreement. It is therefore crucial that the GCF succeed in its mission. However, the GCF is currently facing a crisis of confidence, illustrated most recently by the unproductive GCF Board meeting in July 2018 and the departure of its Executive Director. Restoring confidence in the GCF demands renewed international commitment to strengthen the GCF and enable it to succeed. A new WRI working paper, Setting the Stage for the GCF’s First Replenishment, explores two sets of issues that are fundamental to restoring confidence in the GCF and should be addressed simultaneously: resources and governance. The focus on these issues is based on extensive discussions with stakeholders, recognizing that there are many other policy issues that are important. The paper analyzes key challenges with resource predictability and governance and suggests ways forward. 