The fund said initiatives like these would create jobs and support a green recovery from COVID-19.
File: The fund said initiatives like these would create jobs and support a green recovery from the coronavirus crisis.BARCELONA - The Green Climate Fund has promised developing nations it will ramp up efforts to help them tackle climate challenges as they strive to recover from the coronavirus pandemic, approving $879 million in backing for 15 new projects around the world.
Executive Director Yannick Glemarec said the fund had"a key role to play to maintain climate ambition in the era of COVID-19" and would aim to improve the speed and efficiency of its response to developing country needs.Board co-chair Nauman Bashir Bhatti, from Pakistan, said climate finance would be crucial for recovery from the pandemic and the fund needed to increase support"even during these difficult times".
"The importance of the ... in accelerating transformative climate action in this present decade cannot be understated," he added. It also gave the green light to payments rewarding reductions in deforestation in Colombia and Indonesia between 2014 and 2016.They said deforestation had since spiked and countries should not be rewarded for"paper reductions" in carbon emissions calculated from favourable baselines.
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