{"id":48421,"date":"2023-04-19T16:28:03","date_gmt":"2023-04-19T15:28:03","guid":{"rendered":"https:\/\/climatechangenews.com\/?p=48421"},"modified":"2023-05-03T15:52:06","modified_gmt":"2023-05-03T14:52:06","slug":"uns-green-climate-fund-too-scared-of-risk-finds-official-review","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2023\/04\/19\/uns-green-climate-fund-too-scared-of-risk-finds-official-review\/","title":{"rendered":"UN’s Green Climate Fund too scared of risk, finds official review"},"content":{"rendered":"

The Green Climate Fund (GCF) has an \u201cunderdeveloped\u201d approach to managing project risks because it misses key issues, lacks coherence and makes it difficult to know who is responsible, according to its latest performance review.<\/strong><\/p>\n

Archi Rastogi, lead author of the independent report<\/a>, said there were clear risks in implementing climate-related projects such as new infrastructure. But projects could also result in maladaptation, where instead of helping communities adapt to climate change they actually make the effects worse, and may have more complex <\/span>fiduciary risks.<\/p>\n

Not recognising or properly managing these made the organisation too cautious, he said.<\/span>\u00a0<\/span><\/p>\n

Developing nations have <\/span>long pushed the fund<\/span><\/a> to take more risks and provide grants to smaller, more innovative schemes that other funds won’t back.<\/span><\/p>\n

In 2016, the GCF board agreed that it should \u201ctake on risks that other funds\/institutions are not able or are willing to take\u201d and adopt a \u201chigh level of risk appetite\u201d.<\/p>\n

Projects gone wrong<\/h3>\n

The Green Climate Fund was set up in 2010 and formed part of a compact between poor and rich countries that was the basis for the Paris climate agreement in 2015. It has spent around $12bn so far funding climate projects around the world.<\/span><\/p>\n

But although the latest review accused it of being overly cautious, some of the fund’s investments have been controversial and former employees have raised<\/a> concerns about the GCF’s project vetting.<\/p>\n

In 2021, c<\/span>oncerns were raised about a <\/span>$66 million flood management project<\/span><\/a> financed by the GCF in Samoa, after river walls failed to protect a hotel from flash flooding.<\/span>\u00a0<\/span><\/p>\n

The fund was also recently in the spotlight for greenlighting a Nicaraguan project which <\/span>Indigenous people have accused<\/span><\/a> of exacerbating violence with settlers invading their land<\/span>. At its <\/span>latest meeting<\/span><\/a>, the board deferred a decision on the complaint until July.<\/span>\u00a0<\/span><\/p>\n

Speaking at the board<\/span><\/a> meeting, outgoing executive director <\/span>Yannick Glemarec <\/span>accepted that the GCF was responsible for projects that it was financing along with other organisations, saying that, when it comes to a violation of Indigenous people \u201cit’s irrelevant where the money comes from\u201d. <\/span>\u00a0<\/span><\/p>\n

But he said the GCF was a very large international financial institution with \u201cmaybe a third\u201d the level of risk of a social impact investor, and suggested it could take on more. \u201cIt\u2019s extremely important to ensure that your risk management system will keep pace with your ambitions,\u201d he said. <\/span>\u00a0<\/span><\/p>\n

Notable progress<\/h3>\n

The review team analysed reams of documents, <\/span>carried out case studies and interviewed more than 700 people around the world, and found <\/span>the GCF had made \u201cnotable progress\u201d in its governance procedures since 2020. <\/span>\u00a0<\/span><\/p>\n

It found no \u201c<\/span>insurmountable\u201d challenges in the way the GCF is run, saying the organisation managed to effectively carry out its key roles of accrediting institutions to apply for funds and approving funding proposals.<\/span>\u00a0<\/span><\/p>\n

Andreas Reumann, head of the GCF\u2019s independent evaluation unit, said it shows that the fund plays a \u201ccentral and successful role in global efforts to combat climate change\u201d and has responded positively to recommendations for improvement. <\/span>\u00a0<\/span><\/p>\n

This paints a more favourable picture than a 2021 staff survey<\/a> which found that 40% of staff had a negative impression of senior management while just 24% had a good impression. Some people within the organisation have also been critical of the way the board responds to feedback.<\/p>\n

The organisation has just appointed<\/a> Mafalda Duarte as its new head.<\/p>\n

Unrealistic expectations<\/h3>\n

The\u00a0review helped counteract a \u201cpersistent false narrative\u201d about the fund’s governance caused in part by unrealistically high expectations of what it would do, said <\/span>Liane Schalatek, a civil society observer on the GCF board.<\/span><\/p>\n

Developing countries had anticipated it would provide a large amount of readily available grant funding, while developed countries had wanted it to massively leverage private sector funding and thereby reduce their own financial liabilities. \u201cThose have obviously not come to pass.\u201d <\/span>\u00a0<\/span><\/p>\n

However, the review said the time had come to \u201cclarify the GCF\u2019s vision\u201d over how it balances the urgency of the climate crisis and the long-term need to build climate finance capacity, and the extent to which it takes a direct and strategic role. <\/span>\u00a0<\/span><\/p>\n

It concluded the fund should do more to \u201ccatalyse\u201d climate finance by, for example, investing in projects that have bigger impacts down the line even if the projects themselves run at a loss.<\/span>\u00a0<\/span><\/p>\n

But Schalatek<\/span> warned that it should continue to be a core source of public\u00a0climate funds, \u201cwith a focus on simplified and enhanced direct access and ensuring that affected communities and people through devolved financing have more of a say on how GCF funding support can better address their needs and priorities\u201d.\u00a0<\/span>\u00a0<\/span><\/p>\n

Efficiency compromised<\/h3>\n

A core principle of the GCF is to give developed and developing countries an equal say in board meetings, unlike donor-driven funds. <\/span>\u00a0<\/span><\/p>\n

The review says this novel governance structure \u201cbrings legitimacy but compromises efficiency\u201d, especially given the fund\u2019s proximity to UN climate change politics, posing challenges in setting a strategic vision and key policies. <\/span>\u00a0<\/span><\/p>\n

Rastogi suggested that more informal meetings between board members would help improve relationships and smooth negotiations.<\/span><\/p>\n

The review also shows that less money went to adaptation projects than mitigation. With <\/span>under 7% of global climate finance<\/span><\/a> currently directed towards adaptation, it says the\u00a0GCF\u2019s impact on this topic is much more important than it is for mitigation, and hints that the board should reconsider how it balances these two key areas of climate action. <\/span>\u00a0<\/span><\/p>\n

Schalatek said civil society has pushed unsuccessfully for a more even split for some time. \u201cIn terms of adaptation it\u2019s barely doing what\u2019s under its mandate,\u201d she said.<\/span>\u00a0<\/span><\/p>\n

GCF respond<\/h3>\n

In its <\/span>formal response to the review<\/span><\/a>, the GCF\u2019s secretariat said the findings <\/span>and recommendations \u201cbroadly resonate\u201d with its experience and <\/span>would <\/span>incorporate most of them into its decision-making, management, operations, strategies, budgets and practices. It has, for example, already begun to update its risk register, which the review had found gaps in.<\/span>\u00a0<\/span><\/p>\n

However, it only \u201cpartially\u201d agreed with the recommendation to reconsider civil society\u2019s role in its work. Schalatek said it was difficult for observers to have a meaningful influence on GCF policies and the cost of travelling to board meetings was prohibitive for some developing country representatives. The s<\/span>ecretariat countered that some of these issues had previously been considered.<\/span>\u00a0<\/span><\/p>\n

The review will inform the GCF’s next strategic plan, which is expected to be approved in the summer, and will also be part of negotiations over how much countries will commit to funding it over the next <\/span>four <\/span>years. <\/span><\/p>\n

Going into the review, Rastogi said he was \u201ca bit scared\u201d of what he might find. But he was generally pleased with how the GCF was being governed and noted that all similar institutions go through a teething period in their first few years. \u201cIt’s going to get stronger,\u201d he said, <\/span>while its new executive director <\/span><\/a>would bring in \u201cnew blood and a fresh perspective\u201d.<\/span>\u00a0<\/span><\/p>\n

This article was amended on 3 May 2023 to correct the figure on how much the GCF has spent so far. It originally incorrectly said $20 billion but the real figure is $12 billion.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"The UN\u2019s flagship climate fund is struggling to clearly manage risks in its projects, an independent review has found, making it wary of taking on high-impact projects in developing countries","protected":false},"author":99,"featured_media":43636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3863,208,90,1483,3859],"tags":[3903],"coauthors":[4423],"class_list":["post-48421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-climate-finance","category-green-climate-fund","category-un-climate-talks","category-world","tag-green-climate-fund","type-news"],"acf":[],"yoast_head":"\nUN's Green Climate Fund too scared of risk, finds official review<\/title>\n<meta name=\"description\" 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