As funding the climate challenge takes center stage at COP29 in Azerbaijan, the Global Environment Facility (GEF) has announced the latest winners of its Challenge Program for Adaptation Innovation, with $20 million in grants awarded to projects that will reimagine climate adaptation finance.
From initiatives to enhance the adaptive capacity of women entrepreneurs in the agricultural sector through financial inclusion, to scaling up traditional fire management techniques for resilient ecosystems services through carbon credit generation, crowdfunding climate-smart loans, developing a virtual green bank for adaptation, and kickstarting international markets for resilience-building bonds, the 13 award-winning projects all aim to test and scale up vital financial innovations.
By seeding these new approaches to climate adaptation funding, we are enabling the development of innovative technologies, while reducing risk and providing the conditions needed to open financial flows and enable new investors and sectors to take action.
-Carlos Manuel Rodriguez, GEF CEO and Chairperson
Selected from well over 100 proponents from around the globe, the latest tranche of winners will bring GEF investments in the Challenge Program to over $40 million across 32 projects in implementation or development, with an additional $40 million to be invested in the period to 2026...
Read the full press release on the GEF website
