Source · Select Committees · International Development Committee
Recommendation 5
5
Accepted
Paragraph: 28
Advocate as GCF co-chair for policies improving SIDS' access to climate finance
Recommendation
Accessing climate finance from international organisations such as the Green Climate Fund is a challenge for Small Island Developing States. As co-chair of the GCF in 2024, the UK is well-positioned to push for reforms that benefit SIDS. The UK Government should use its co-chairmanship of the Green Climate Fund’s board to advocate for policies that will improve SIDS’ access to GCF resources, consistent with the commitments outlined in its 2024–27 Strategic Plan—especially in the area of simplified application procedures.
Government Response Summary
The government agrees, stating that as co-chair of the GCF, the UK has supported and ensured progress on reforms to improve SIDS' access, including restructuring the Secretariat, streamlining project approvals, and advancing regional presence and accreditation policies for decision in 2025.
Paragraph Reference:
28
Government Response
Accepted
HM Government
Accepted
Agree 9. The Government is committed to improving access to climate finance for all, including for SIDS which are widely acknowledged to face particular challenges in accessing climate finance. This includes improving access to the Green Climate Fund (GCF), the world’s largest dedicated climate fund for developing countries and a key part of the climate finance architecture. 10. As Co-Chair of the Board of the GCF in 2024, alongside the Dominican Republic (itself a Small Island Developing State), the UK has supported the delivery of reforms needed to improve access and bring the fund closer to those it serves, including SIDS, in line with the 2024–2027 Strategic Plan. This has included a restructuring of the GCF’s Secretariat to improve the service it offers partner countries, and work to streamline and speed up project approval processes. The UK has ensured progress on two policies key for improved access - regional presence, and reforms to the Fund’s approach to accreditation - both of which will come to the Board for decision in 2025. 11. During 2024, the GCF has approved over $2.5 billion of funding (with co-financing of over $7.1 billion) which has included new projects in Barbados, Tonga, Cook Islands, Belize and a regional Caribbean programme. 11% of the GCF’s total portfolio of $15.9 billion as at end March 2024 is allocated to SIDS, with 50% of adaptation funding targeted at SIDS, LDCs and Africa. 12. The Government remains committed to working with fellow GCF Board Members, the incoming Co-Chairs, the GCF’s Executive Director, and all stakeholders, to build on the progress made in 2024. The UK remains focused on the GCF achieving the commitments set out in its 2024–27 Strategic Plan, including enhancing the speed and simplicity of access to the Fund.