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Report of the forty-fourth meeting of the Board, 25 – 28 March 2026
The GCF Board approved 18 funding proposals totaling USD 960.3 million and accredited 10 new entities. A major outcome was the selection of host cities for regional presence: Panama City (Latin America and Caribbean), Amman (Eastern Europe, Central Asia and Middle East), Nairobi and Abidjan (Africa), and Suva (Pacific). The Board also restructured its committees, approved a training programme, and established a roadmap for the 2028–2031 Strategic Plan.
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Document type: Report
BEYOND FOSSIL FUELS: VISIONS FOR ECONOMIC DIVERSIFICATION IN KENYA
Kenya faces a significant economic burden from fossil fuel imports and subsidies despite having a nearly 90 percent renewable electricity grid. The report argues that transitioning away from fossil fuels is an economic imperative, as revenues from potential oil and coal projects are insufficient to address the national debt. It proposes a three-step pathway: immediate integration of phase-out plans, short-to-medium term divestment and investment in high-growth sectors (renewable energy, e-mobility, climate-smart agriculture, green manufacturing, and the digital economy), and long-term decarbonisation of hard-to-abate sectors. The document also highlights the risks of stranded assets and 'debt trap diplomacy' and recommends joining a Fossil Fuel Treaty to unlock international finance and technical support.
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Document type: Report
Schneller Übergang zur Energiesouveränität
The report outlines a five-step strategy for the EU to transition from risky fossil fuel imports to domestic clean energy, emphasizing electrification, grid connectivity, flexibility, industrial decarbonization, and the use of the EU Methane Regulation to phase out high-emission imports.
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Document type: Report
Rapid Transition to Energy Sovereignty
The European Union remains vulnerable to global energy shocks due to a high dependency on fossil fuel imports, nearly 60% of its primary energy supply. While the EU has reduced reliance on Russian gas, it has increased exposure to US LNG, which the report identifies as a significant political and economic risk. To achieve energy sovereignty, the report proposes five key actions: accelerating electrification (where 89% of demand is technically electrifiable), enhancing grid interconnectivity, deploying energy storage and demand flexibility, decarbonising heavy industry through green public procurement and product mandates, and leveraging the EU Methane Regulation (EU MER) to disincentivise high-emitting imports. Financing this transition will require an average of EUR1.5tn per year through 2050, primarily driven by private capital and the GSS+ bond market.
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Document type: Report
Nach der COP30 in Belém: Sicherstellung eines gerechten technologischen Übergangs für Afrika
Following COP30 in Belém, the adoption of the Belém Technology Implementation Programme (TIP), the extension of the Climate Technology Centre (CTC), and the development of the Just Transition Mechanism (JTM) create a critical window for African countries to reshape multilateral technology cooperation. The author argues that without scaled concessional finance and a shift away from loan-based instruments, these institutional changes risk reinforcing import dependence and debt distress. The document outlines a strategic roadmap for the African Group from 2026 to 2028, focusing on securing a suitable CTC host, influencing JTM operationalisation, and proposing specific technology-justice indicators to ensure that green innovation benefits African national innovation systems rather than remaining a donor-driven process.
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Document type: Research paper
SUMMARY 12th Meeting of the San Giorgio Group
The 12th Meeting of the San Giorgio Group (SGG12) focused on moving climate finance from ideas to large-scale delivery, emphasizing system coherence and country-level impact. The group highlighted that annual climate finance now exceeds USD 2 trillion, driven by renewable energy and transport electrification. Key priorities include reforming Multilateral Development Banks (MDBs), scaling guarantees and catalytic equity, and addressing the high cost of capital in developing countries. The agenda also calls for 'radical localism' to center people in the climate narrative and suggests leveraging artificial intelligence and underutilized public financing institutions, such as export credit agencies, to accelerate the energy transition.
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Document type: Executive summary
Roadmap for an Equitable Green Economic Diversification in Jharkhand
The briefing outlines a phased strategy for Jharkhand to transition from a mining-dependent economy to a green industrial base. It identifies four high-potential sectors—Clean Power, Green Molecules, Sustainable Mobility, and Green Equipment Manufacturing—which could generate USD 1.43 billion in annual state tax revenue. The transition requires a total cumulative investment of USD 41.4 billion, implemented across three phases from 2026 to 2070.
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Document type: Briefing
Decarbonizing the ammonia fertilizer supply chain in Brazil
The document argues that renewable ammonia is becoming cost-competitive with fossil ammonia and proposes a framework for Brazil to achieve sustainable fertilizer production through strategic vision, policy alignment, investment mobilization, infrastructure expansion, and demand activation.
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Document type: Policy brief
A decade of global climate action
The Green Climate Fund (GCF) reports a portfolio of USD 19.3 billion since 2015, having reduced greenhouse gas emissions by 96 million tonnes of CO2e and reached 249 million people through adaptation projects. To address the escalating climate crisis, the GCF has launched the '50by30' vision, aiming for a USD 50 billion portfolio by 2030, with annual programming targets rising to USD 15 billion by 2035. The Fund emphasizes a balanced approach, currently allocating 59% of its portfolio to adaptation and 41% to mitigation, with a strong focus on Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African states. Key operational achievements include the Readiness Programme, which has provided 874 grants worth USD 752 million to 142 developing countries, and the 'Efficient GCF' programme, which reduced the median time from project approval to disbursement to 6 months in 2024.
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Document type: Executive summary
Phasing out plan for fossil fuel subsidies
The Netherlands is implementing a multi-level approach to phase out fossil fuel subsidies, focusing on international cooperation through the COFFIS coalition and EU-wide mechanisms like the EU ETS and CBAM. Nationally, the government uses an 'external costs approach' to identify price gaps, which amounted to a fossil subsidy of 18.0 billion euros in 2024. The plan includes raising energy taxes on natural gas through 2030, introducing a differentiated air passenger tax in 2027, and phasing out specific exemptions for greenhouse horticulture and coal use. However, several subsidies remain due to international treaties (e.g., the Energy Taxation Directive) or concerns over carbon leakage and social fairness.
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Document type: Report
The Next California Phase III: Action and Implementation
The Next California project, now operating through the Delta Ag Alliance, seeks to increase specialty crop acreage in the Mid-Mississippi Delta from 0.19% to 3% by 2034. This transition is designed to unlock $3.2 billion in annual farmgate revenue and protect US food security as climate change forces production shifts away from California. The project employs a four-pillar strategy: farmer-led discovery, innovative funding structures (including operating loans and infrastructure funds), support for farmer-entrepreneurs, and public sector research alignment. Early pilots like Delta Harvest have demonstrated the economic viability of specialty rice, while other ventures like Peebles Organics and Delta Dirt Distillery showcase the potential for organic produce and value-added processing. To scale these efforts, the alliance is focusing on bridging the 'chasm' between early innovators and the early majority through targeted capital and the development of regional processing infrastructure.
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Document type: Report
THE FUTURE OF OIL AND GAS: STRATEGIES, CHALLENGES, AND REALITIES OF OIL AND GAS PHASE OUT IN THE G20
The report argues that G20 countries are locked into oil and gas systems due to economic, geopolitical, and institutional factors, despite climate commitments. It highlights a contradiction where G20 nations are on track to produce and consume more than twice the fossil fuels permitted under a 1.5°C pathway. The document analyzes the role of National Oil Companies (NOCs), the limitations of carbon capture and storage (CCS), and the regressive nature of fossil fuel subsidies. It proposes a 'Just Transition Taxonomy' to ensure the phase-out protects workers and marginalized communities, particularly in the Global South, and recommends legislating national phase-out plans and redirecting subsidies toward renewable energy.
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Document type: Report
Advancing the Just Energy Transition through Clean Energy Procurement
The report advocates for 24/7 Carbon-Free Energy (CFE) as a mechanism to ensure a just energy transition. By requiring corporations to match their electricity consumption with carbon-free generation on an hourly and local basis, 24/7 CFE incentivizes a diverse portfolio of energy resources beyond just wind and solar, including next-generation 'clean firm' technologies. This approach is presented as a way to create high-quality, permanent jobs for dislocated fossil fuel workers, reduce local air pollution, and enhance grid resilience. The document aligns 24/7 CFE with the G20's Just and Inclusive Energy Transition (JIET) Compact and provides best practices for corporate buyers to maximize social and economic benefits through community engagement and equitable hiring.
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Document type: Report
SÉCURISER LA PLACE DU CANADA DANS LA COURSE INTERNATIONALE AUX MINÉRAUX CRITIQUES
The report argues that Canada has significant potential to become a leading supplier of critical minerals—specifically cobalt, copper, lithium, nickel, graphite, and rare earth elements—to support the global clean energy transition. However, it identifies a substantial investment gap, estimating that $30 billion in additional capital is needed by 2040 to meet domestic demand, which is projected to reach $16 billion annually. The document highlights three primary risks hindering investment: high price volatility in immature markets, environmental hazards such as tailings dam failures and abandoned mines, and the lack of Free, Prior and Informed Consent (FPIC) from Indigenous communities. To address these, the report recommends that the federal government implement financial risk-sharing mechanisms like contracts for difference and equity investments, while provincial governments should tighten mining regulations to align with international standards and provide loan guarantees and capacity-building resources to Indigenous communities to foster genuine partnerships and self-determination.
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Document type: Report
How We Can Eliminate the Need for Mined Minerals by 2050
The briefing outlines a path for the United States to achieve mineral self-sufficiency for electric vehicle (EV) batteries by 2050. It proposes six strategies to reduce mineral demand—including shifting battery chemistries, increasing energy density, and changing mobility patterns—stating that these could limit cumulative mining to 125 million tons. The author argues that while battery recycling currently faces low financial returns due to market volatility and high capital costs, it offers a higher return on investment when social and environmental externalities are priced in. To realize these benefits, the document calls for policy interventions to value recycled materials and investment in domestic midstream manufacturing (refining and processing) to avoid exporting recycled materials and to create between 84,000 and 125,000 US jobs by 2032.
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Document type: Briefing
Nuclear Energy and American Leadership
The Commission on Nuclear Energy and American Leadership argues that reliable nuclear energy is essential for the US energy future, particularly to meet surging electricity demands from artificial intelligence and to reduce emissions. The report outlines a comprehensive 'game plan' for the next presidential administration, including a 'Day One' mandate to coordinate an all-of-government approach and a detailed set of actions for the first 100 days and first year. Key recommendations include increasing domestic uranium enrichment to end reliance on Russia, deploying advanced reactors for military and government sites, expanding nuclear exports to counter Chinese and Russian influence, and reforming multilateral development banks to support nuclear financing.
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Document type: Report
Thailand Country Programme on Climate Change
The Thailand Country Programme (TCP) 2024 outlines a framework to align national climate strategies with GCF funding for the 2024-2027 programming cycle. Thailand aims for carbon neutrality by 2050 and net-zero emissions by 2065, with the energy sector identified as the largest GHG contributor. The programme identifies five priority areas: mitigation strategies and technologies, knowledge enhancement in agriculture and waste, advanced adaptive technologies, strengthening climate financing mechanisms, and awareness raising. To meet its Nationally Determined Contributions (NDC), Thailand estimates a need for THB 5,000 billion for unconditional targets and THB 7,000 billion for conditional targets. The TCP also details a readiness plan to strengthen National Designated Authority (NDA) capacity and accredit Direct Access Entities (DAEs) such as Kasikorn Bank and the Environment Fund.
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Document type: Report
Scaling Utility-Enabled Distributed Energy Resources in Nigeria
The report argues that utility-enabled distributed energy resources (DERs) can address Nigeria's power sector bottlenecks, such as high ATC&C losses and supply deficits. It identifies a market opportunity exceeding 20 GW over the next decade, which could reduce carbon pollution by 33 million tons per year and lower customer energy costs by up to 25%.
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Document type: Report
Strengthening Climate Finance Delivery: The Path from Brazil’s G20 Presidency to COP30
The document provides a roadmap for Brazil to lead international efforts in reforming the global financial architecture, promoting country platforms for investment, and addressing gaps in adaptation and nature finance. It emphasizes the need for the G20 to scale up resources for Emerging Markets and Developing Economies (EMDEs) and suggests that Brazil lead by example by structuring its own Nationally Determined Contributions (NDCs) through a functional country platform by 2025.
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Document type: Executive summary
Powering Healthcare in Madagascar: Market Assessment and Roadmap for Health Facility Electrification
The report identifies a significant energy gap in Madagascar's healthcare system, where approximately 75% of basic healthcare centres lack electricity or have only a single solar refrigerator. To address this, it proposes a three-phase roadmap from 2024 to 2032 targeting 2,274 facilities, requiring an estimated USD 83 million investment. Recommended solutions include stand-alone solar technology, innovative business models like Energy-as-a-Service (EaaS), and cross-sectoral integration between health and energy stakeholders.
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Document type: Executive summary