Executive Director unveils “50by30” blueprint for reform, targeting USD 50 billion by 2030

 

Excellencies, thank you for the confidence and trust as I step into my new role as Executive Director of the Green Climate Fund.

I do not take this responsibility lightly. I know how important the fund is to climate action in developing countries, to the aspirations of so many who actually fought very hard to bring it into existence and that actually continue to champion its vital mission.

Those of you involved in the establishment of the Green Climate Fund, you had the vision and designed a very unique financial mechanism full of potential.

At its creation, you wanted a financial instrument with the scale to make an impact, the flexibility to address all key barriers and risks, and an institution that would empower a new network of partners, in particular national, public and private sector institutions that have never before received climate finance.

And what you wanted became the Green Climate Fund. It is the largest institution of its kind in the world, with USD 17 billion in capital with an unparalleled breadth of tools and flexibility in how resources are used to tackle these barriers to investment and a hundred plus strong network of partners, most of which national institutions.

Yet, you also had another aspiration which was simplified access tailored to country needs.

What we have today is not tailor-made, but it's one size fits all.

It's a single blueprint that has been enhanced over time, but instead of simplifying access, has made it more complex with high transaction costs.

So at this crossroads, I think now it is time to embrace reform.

We must speed up, scale up, support the most vulnerable and optimize every dollar we invest.

My vision for the Green Climate Fund is that by 2030 we can actually efficiently and impactfully manage a capitalization of 50 billion, what we are calling 50 by 30.

To get us there, we must overhaul the partnership model with the Fund, including the accreditation process, significantly accelerate the time it takes to review and approve projects, reorient operations to focus on country and sector-wide programmes that coalesce multiple partners and investments behind a singular country-led vision for transforming whole systems and maximizing private sector investments.

And we must be more intentional about supporting the most vulnerable, investing more in understanding who they are, why they are vulnerable and how best to respond to their needs.

USD 50 billion is a drop in the bucket. I know this, and so all of you.

But all it takes is one drop to create a ripple effect.

One investment to catalyze magnitudes more capital from other sources.

So this 50 by 30 is a vision for a green climate fund that recognizes its unique role and potential, a vision rooted in social justice that unlocks the strengths of the private sector and its capital. But visions need champions.

Today, I would like to invite you all to be those champions, to move together toward the GCF future we can all be proud of.

A future that I believe starts with an ambitious second replenishment of the GCF, which is currently ongoing.

And I think all of those that have shown ambition, many of which have indicated their commitments today. Germany, Spain, others, UK recently, Canada and many others.

Thank you all.

And let us build on this historic momentum we've seen in recent days and in the weeks that remain, to seize this opportunity to really show solidarity with the most vulnerable, and deliver the change we need.

I thank you.