Executive Director’s remarks

The science tells us that the expected impacts of climate change will be worse than foreseen. We know that GHG emissions increased by 1.3% last year, a higher average than last decade.

SIDS are a priority for the Green Climate Fund, and to demonstrate this, more than 10 percent of the resources that we have committed, around USD 16 billion, have been committed to SIDS.

That's four times more than other financial institutions—on average, SIDS received 2 percent of other portfolios.

It's not just about quantum; it's also about quality. 65% of our financing to SIDS is grant-based, and GCF does not distinguish in terms of income level. The funding that we provide is based on an assessment of the needs. We know that debt distress is an increasing concern.

We are working for the first time with many national and regional entities serving the interests of SIDS. For example, the Development Banks of Jamaica and Fiji respectively, and the recently accredited Bank of Cook Islands. We are also helping establish new entities like the Blue Green Bank of Barbados.

GCF has been the largest provider of funding for strengthening national institutions, strengthening existing National Adaptation Plans (NAP) and Nationally Determined Contributions (NDC) – or developing them for the first time.

We have provided more than one-third of our USD 600 million in the Readiness Programme to SIDS.

At our recent board meetings, we approved our first debt for climate swap project in Barbados, which we hope to replicate elsewhere. However, this is only a drop in the ocean of needs.

This is also why we have defined the ambition of delivering USD 50 billion by 2030. It's not just about quantum, and it's also about quality.

We heard your call for simplifying access, and we are taking measures to reduce the time it takes for projects to be approved and for money to reach your countries and communities.

On complementarity and coherence, we have been proud to be part of the interim secretariat to establish the Loss and Damage Fund, jointly with UNFCCC and UNDP.

We will continue to support them and very much look forward to joining hands with other funds, the MDBs, and other IFIs to serve you in the way you deserve.