The Green Climate Fund approved the application for accreditation from the United Nations Industrial Development Organization (UNIDO).

The Green Climate Fund (GCF) is the world’s largest dedicated fund that helps developing countries reduce their greenhouse gas emissions and improve their ability to respond to climate change.

The GCF Board of Directors meeting, which was recently concluded and held virtually for the first time, approved UNIDO’s application to become an accredited entity, allowing the organization to access project funding.

Accreditation will enable UNIDO to scale and increase impact by collaborating with developing countries in meeting their climate change goals, helping vulnerable communities increase their resilience to climate change and promoting the achievement of the Sustainable Development Goals. .

The accreditation follows lengthy negotiations with The Green Climate Fund led by UNIDO’s Partnerships Coordination Division and a strong commitment to the Fund’s vision expressed by UNIDO Director General Li Yong in his bilateral interactions with the Director. GCF executive, Yannick Glemarec.

The Green Climate Fund

In accordance with its mandate for inclusive and sustainable industrial development, UNIDO will generate high-impact interventions to promote the transition to clean energy, deep decarbonization of industry, business practices based on the circular economy, urban and agricultural infrastructure, and digital and frontier technologies for climate action, among others.

This will be achieved through the establishment of innovative and scalable partnership modalities that leverage additional resources from international financial institutions and the private sector.

The Green Climate Fund was established by the United Nations Framework Convention on Climate Change (UNFCCC) in 2010.

Lastly, The Green Climate Fund plays a crucial role in servicing the Paris Agreement, supporting the goal of keeping the average global temperature rise well below two degrees C.