To address the urgent climate crisis, the Green Climate Fund is allocating $755 million to twelve climate adaptation projects, primarily in Bangladesh, Pakistan, and the most affected countries in sub-Saharan Africa. The projects support measures against drought and flooding and promote sustainable food production. Sweden is contributing approximately SEK 630 million.
“It is important to build resilience to climate change. The government is pleased to support projects such as expanding rural solar energy in Africa and contributing to the establishment of a new green climate bank,” says Minister for International Development Cooperation and Foreign Trade Johan Forssell.
The Green Climate Fund is a crucial component of Swedish climate assistance. The fund is now allocating $66 million to the World Wildlife Fund for climate adaptation and green infrastructure in Pakistan, and $235 million to the Development Bank of Southern Africa for water reuse, wastewater treatment, and drinking water systems. Another example is the $117 million going to Acumen Capital Partners, a green investment fund that will finance small businesses and investments in electric transportation, production energy transition and efficiency, smart renewable energy solutions, and rural solar energy beyond power grids in around twenty African countries.
The funds allocated consist of a mix of equity, loans, and grants, targeting both public and private actors.
The Green Climate Fund’s Board, which includes Sweden, has also approved a strategic plan for 2024-2027. In the coming years, the fund will continue to support the transition of energy systems, infrastructure, and transportation to reduce emissions and establish green financing institutions. Half of the fund’s resources will be dedicated to protecting and adapting communities to climate change, with a particular focus on the most vulnerable and exposed countries.
https://www.regeringen.se/pressmeddelanden/2023/07/stort-svenskt-bidrag-till-klimatanpassning/