UN climate fund approves $168m for first projects

The United Nations’ fund to support developing nations fight climate change approved its first eight projects on Friday.

The projects will receive a total of US$168 million and the announcement is a key step in the build up to the COP21 UN Climate Change Conference in December.

The Green Climate Fund (GCF) has pledged $10.2 billion that will be provided by developed countries and the fund will be a key part of the COP21 negotiations in Paris that run from 30 November to 11 December.

The fund is designed to mobilise $100 billion a year by 2020 in climate finance for developing nations to implement mitigation and adaptation measures and the money will come from the public and private sectors.

Speaking to Reuters, Héla Cheikhrouhou (pictured), executive director of the Fund, said:  "These approvals of the initial projects mark the final building block of operationalising the Green Climate Fund… Starting this next phase will send a very positive signal to the international community before Paris."

The initial projects are designed to spur the deployment of clean energy technologies and the fund approved $12.3 million to enhance early warning systems to help the Malawi in Africa to respond to extreme climate events.

The fund also approved $23.6 million to manage water shortages in the Maldives in the Indian Ocean and $217 million for a green bond to boost renewable energy investment in Latin America.