LUSAKA, March 30 (Xinhua) -- The Green Climate Fund (GCF) on Monday announced the approval of 440 million U.S. dollars in climate financing for Africa.
The GCF was established in 2010 as a dedicated financing mechanism for developing countries under the United Nations Framework Convention on Climate Change and the Paris Agreement.
Catherine Koffman, GCF regional director for Africa, said during an online press briefing with journalists from across the continent that the funding, allocated to seven projects, is expected to attract an additional 1.1 billion dollars in co-financing.
"Africa is already feeling the impacts of climate change, from droughts and floods to rising food and energy costs. The question is no longer whether action is needed, but how quickly and how fairly solutions can be delivered," she said.
She added that the new investment, along with a stronger regional presence, will support African-led climate solutions that drive growth, create jobs, and build resilience.
She said the GCF support is increasingly aligned with Africa's broader development goals, including the African Continental Free Trade Area, noting that climate resilience is essential for the success of the free trade arrangement.
Koffman said by investing in resilient agriculture, infrastructure, and energy systems, as well as enabling green value chains, the GCF is helping to safeguard trade gains from climate shocks while supporting inclusive growth, job creation, food security, and poverty reduction. ■
