GCF’s 2024-2027 Strategic Plan sets out greater ambitions and results for critical global climate action

The 2024-2027 Strategic Plan of the Green Climate Fund (GCF) was successfully adopted at the 36th meeting of the GCF Board on 10 July.   As GCF nears the end of its first programming period 2020-2023 (GCF-1) and is undergoing replenishment for its next programming period (GCF-2), the Strategic Plan reflects the urgency of the climate crisis and the organisation’s growth and maturation in becoming even more transformative and accessible. 

The Strategic Plan sets out GCF’s major programming directions for GCF-2, capturing the ambition to deliver both strengthened climate results and greater access for developing countries as the world heads into a critical decade for global climate action.  It was also grounded on the latest scientific knowledge of the growing magnitude and urgency of the climate challenge, the present and intensifying impacts on developing countries, and the narrowing window of opportunity for action.

What’s new

The Strategic Plan for 2024-2027 articulates how GCF will significantly enhance its support to developing countries, improve access, and strive to deliver the highest levels of catalytic impact through its key assets – financial resources, partnerships, convening power, people and knowledge.  

At the same time, the Strategic Plan also maintains the Fund’s commitment to balanced programming for adaptation and mitigation, provision of Readiness support, and private sector engagement.

Key developments in the Strategic Plan are:

• Strengthened focus on how GCF will help developing countries translate their Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs) and Long-term Climate Strategies (LTS) into climate investments and programming;
• Clearer positioning of GCF’s value-add in the wider climate finance architecture, as both a climate capacity-builder and risk-inclined financier; and
• Core operational commitment to significantly improving access for developing countries to GCF finance.

It sets a comprehensive set of targeted results to be delivered over the 2024 to 2027 programming cycle, covering ambitions around supporting developing countries to:

• Advance the implementation of their NDCs, NAPs or LTS.
• Double the number of Direct Access Entities with approved GCF funding.
• Establish new or improved early warning systems.
• Enable smallholder farmers adopt low-emission climate-resilient agricultural and fisheries practices and securing livelihoods while reconfiguring food systems.
• Conserve, restore or bring under sustainable management terrestrial and marine areas.
• Develop or secure low-emission climate resilient infrastructure.
• Expand access to sustainable, affordable, resilient, reliable renewable energy, particularly for hardest to reach, and to increase renewable energy sources in the energy mix.
• Shift toward clean and efficient energy end-use for transport, building and industry sectors.
• Access adaptation funding, including for locally-led action.
• Provide seed and early-stage capital for innovative climate solutions, business models and technologies to local private sector early-stage ventures and MSMEs.
• Enable national and regional financial institutions to access GCF resources, and other green finance, particularly for MSMEs.

The Strategic Plan also puts a focus on access, crystalising GCF’s ongoing efforts to improve developing countries’ access to GCF resources and considering the needs of developing countries that are particularly vulnerable to the adverse effects of climate change.

GCF’s commitment to access covers improving predictability, enhancing speed in programming and implementation, simplifying processes and procedures, working in complementarity with other climate finance actors, and strengthening partnerships and direct access. 

Henry Gonzalez, GCF’s Executive Director a.i. said, “As the world’s largest climate fund, GCF is poised to deliver even more for GCF-2 and the Strategic Plan is a testament to GCF’s greater ambition and commitment.  With the climate crisis escalating, the Strategic Plan is important and timely, setting clear climate priorities and targets, which will boost GCF’s support to vulnerable countries.”

The adoption of the Strategic Plan 2024-2027 was the culmination of a 14-month long process, led by the GCF Board’s Co-Chairs and Secretariat. It involved an active, inclusive, and intensive series of consultations and deliberations, engaging Board members, developing countries, Accredited Entities, observers, and other Fund stakeholders in defining how GCF can play an enhanced role in responding to the dynamic, complicated challenges of climate finance.

Nauman Bashir Bhatti, GCF Board Co-Chair, said, “I thank the previous Co-Chairs for launching this work and to all Board members for their continuous contribution and engagement throughout an intense process to get to a consensus that reflects the Board’s main priorities and provides the Fund with a good plan going forward.”

Victoria Gunderson, GCF Board Co-Chair, said, “I am pleased to see all members come together as one Board in agreeing a clear direction for the Fund, right at the start of the 36th Board meeting. This allows GCF to launch its next programming cycle equipped with the right guidance to deliver increased support and impact for all developing countries.”

The text of the Strategic Plan 2024-2027 can be accessed here.