GCF Regional Dialogue with Latin America sets to further accelerate climate action in the region

The Green Climate Fund (GCF) Regional Dialogue with Latin America successfully concluded in Montevideo, Uruguay. Running on 24-26 July, 2023, the event aimed to accelerate climate action in the region by bringing together key stakeholders and decision-makers to foster collaboration, peer learning and accelerate paradigm shifting low-carbon and climate resilient impactful initiatives.

More than 120 participants attended, comprising of representatives of GCF National Designated Authorities (NDAs) of 18 governments in the Latin America region¹, representatives of 12 Direct Access Entities, representatives of International Accredited Entities active in the region, Readiness delivery partners, and other partner organisations, including civil society.

The Dialogue kicked off with powerful opening remarks from Henry Gonzalez, GCF Executive Director a.i.  and His Excellency Robert Bouvier, Minister of Environment of the Oriental Republic of Uruguay. They welcomed participants and highlighted the urgent need for collaborative climate action at scale, as well as the key role that GCF plays and can continue to play in the region.

On the first day, GCF’s Independent Evaluation Unit (IEU) shared valuable insights on GCF’s performance during the Fund’s first replenishment period (GCF-1) from 2020 to 2023, including recommendations for GCF’s second replenishment period (GCF-2) from 2024 to 2027. Presentations and discussions were held on GCF priorities for 2024-2027, as reflected in the Fund’s Updated Strategic Plan that was recently approved by the GCF Board at its 36th meeting. Stakeholders also were informed on the status of the GCF-2 replenishment and discussed the Fund’s efforts in enhancing country ownership and the importance of country-level coordination to drive country ownership.

The IEU also highlighted the importance of the GCF Readiness Programme for climate finance access and offered recommendations on the revised Readiness Strategy in order to further enhance programme performance and ultimately access. The revised Readiness Strategy, which is under development, was shared with the participants.  The revised strategy includes clearer alignment around climate investment planning for Nationally Determined Contributions, National Adaptation Plans and Long-Term Strategies implementation, enhanced access to cover existing gaps, and increased efficiency and access to the programme.  

On the second day, the participants delved into accreditation with important considerations as to how the accreditation process is intrinsically related to programming. The rest of the day was dedicated to project development, where attendees explored how to develop GCF-aligned and high-quality projects with a focus both on public and private sector priorities. Key appraisal criteria were discussed, including items such as climate rationale and environmental and social safeguards.

Finally, the third day focused on how the Readiness Programme supports climate-aligned financial systems and effective engagement with financial sector actors. This is a core area of work in GCF-2, and the session highlighted innovative ways to foster collaboration with central banks and financial institutions and to develop green investment frameworks and access to green bonds. For the rest of the day, insights from the implementation of Readiness grants and funded activities in Latin America illuminated the challenges and opportunities during implementation. The Dialogue emphasised the importance of adaptive management to maximise impact and enhance the effectiveness of climate projects in the region.

Throughout the event, participants engaged in bilateral sessions, working groups, side events, networking, and peer to peer knowledge-sharing opportunities, allowing for fruitful collaboration among stakeholders. The Dialogue facilitated productive exchanges and laid the foundation for future partnerships to drive climate action forward. A side event on Readiness grant management hosted by UNOPS showcased the organisation's processes, success stories, and lessons learned.

The GCF Regional Dialogue with Latin America proved to be an instrumental platform for advancing climate action in the region. The commitment, expertise, peer-learning opportunities, and enthusiasm displayed by participants reaffirm their determination to address the challenges posed by climate change collectively. Participants unanimously called for more frequent face-to-face interactions with GCF and highlighted the need for a stronger presence in the region since closer, more regular contact is a key ingredient for successful engagement as clearly demonstrated by this event.

The outcomes of the Dialogue will pave the way for more engagement between Latin America and GCF and amongst stakeholders within the region. Participants returned to their respective countries with new knowledge, contacts, insights, and a shared vision for stronger partnerships to accelerate climate action in the region.

For more information and further updates, please visit the official GCF website or contact the GCF Regional Desk for Latin America.