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UN’s GCF Backs Climate-led Blended Finance Platform  

The UN-run Green Climate Fund (GCF) is to provide US$150 million to a blended finance platform aimed at channelling climate finance to the Global South. The GCF, created to support developing countries’ nationally determined contributions to the Paris Agreement, approved the equity finance for GAIA at its 37th board meeting last week. GAIA’s development is being led by Mitsubishi UFJ Financial Group, the Japanese financial services group, and FinDev Canada, Canada’s bilateral development finance institution. They will now work towards implementation of the platform, which will constitute a US$1.485 billion loan fund focused on financing climate mitigation and adaptation projects across the Global South. The platform will blend commercial and concessional capital, creating a model that can be scaled and replicated across markets, with the intention of mobilising private sector finance at scale to support the transition of the Global South to low-carbon and climate-resilient growth pathways. GAIA will focus 70% of its portfolio in climate adaptation projects such as water access and usage, sustainable agriculture, and nature-based approaches to the built environment. “We know that the mobilisation of private investment is critical to make further progress towards the Sustainable Development Goals and Paris Agreement commitments. The GCF’s support reinforces this point, and in particular recognises the strong climate adaptation elements woven into the GAIA platform,” said Lori Kerr, CEO, FinDev Canada.  

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