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At a board meeting in Papua New Guinea, the Green Climate Fund green-lighted $1.225 billion for initiatives ranging from reducing the impacts of desertification in Mauritania to developing green bond markets.
'The fund is scaling up its activities in response to the global demands for climate finance,' it said in a statement on Friday.
The allocations buck a trend whereby money is becoming scarcer for climate projects. The US, the world's biggest economy and second-biggest producer of climate-warming gases, has withdrawn support for a range of international climate institutions and agreements since Donald Trump's return as president, while European nations are increasingly focusing on defense expenditure.
The $18 billion fund said it will invest $227 million in the Global Green Bond Initiative, a venture with the European Investment Bank that's promoting the development of green bond markets in eight African countries, Brazil and Bangladesh. It will also provide $200 million for projects in India, including concessional credit lines and a risk-sharing facility for green-finance projects.
Other initiatives range from funding irrigation in Cambodia to building resilience against floods from melting glaciers in Nepal.
The Incheon, South Korea-based fund also called for proposals from countries to host regional offices for the institution.
The Green Climate Fund was established under a United Nations agreement, with 45 nations contributing to its initial funding.
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