Africa has received a climate finance boost after the Green Climate Fund (GCF) approved US$440 million (N$7.44 billion) in new funding, representing 46% of its latest allocations. 

This brings Africa’s total share of the Fund’s global portfolio to about US$7.6 billion (N$128.43 billion).

The announcement followed talks between GCF Africa Regional Director Catherine Koffman and the African Union of Broadcasting (AUB), which focused on expanding climate action and improving public awareness.

A key project under the new funding is the Ascend Green initiative, backed by US$250 million (N$4.22 billion) from GCF and expected to unlock over US$1.2 billion (N$20.28 billion) in total financing with partners including the World Bank. 

The programme aims to expand energy access to 21 million people and support five million farmers and small businesses across vulnerable regions.

GCF says recent reforms have made funding more accessible by cutting project approval timelines to under nine months and improving accountability systems.

The Fund also plans to open regional offices in Nairobi and Abidjan to strengthen coordination and speed up project delivery across Africa.

Globally, GCF approved over US$3.2 billion (N$54.08 billion) in the past year.