Bonn, Germany -- The Green Climate Fund (GCF) and World Wildlife Fund (WWF) today formalized an agreement uniting the two organizations in efforts to develop and oversee large-scale climate adaptation and mitigation projects across the globe.
“As an implementation partner of the Green Climate Fund, WWF is pleased to help countries bring forward projects to the GCF that will help them meet their climate action priorities,” said David McCauley, WWF senior vice president for policy and government affairs. “Climate change is a complex, global challenge that requires bold actions backed by financing at scale. Our partnership can help accelerate these investments.”
As an Accredited Entity of the Green Climate Fund, WWF can serve as a partner to developing countries seeking GCF support, able to manage GCF funding of up to $250 million per program or project.
“WWF works in more than 100 nations around the world, and climate change affects every one of them,” said McCauley. “We know that developing nations need more financial support to accelerate implementation of their Nationally Determined Commitments under the Paris Agreement. WWF can catalyze the types of coalitions needed to meet this challenge — especially through forest carbon conservation and capitalizing on the climate resiliency benefits of healthy ecosystems such as watersheds, wetlands and coral reefs.”
The GCF has approved a $26.6 million investment in the Bhutan for Life project, brought forward by WWF on behalf of the Royal Government of Bhutan to help protect half of the country’s territory for climate, biodiversity and other benefits. Bhutan is the only country to commit to remaining carbon-neutral, depending on its forests to absorb more carbon than the country emits each year. To maintain and wisely manage the country’s protected areas, the government and WWF are establishing a $43 million fund that will be drawn down over a 14-year period as the government gradually increases its management capacities and funding — committing $75 million over the project’s life — to become fully sustainable.
The Green Climate Fund is a multilateral fund created to help developing nations address the causes and consequences of climate change. Established under the auspices of the United Nations Framework Convention on Climate Change (UNFCC) in 2010, the GCF supports a wide range of programs and projects around the world.