The Green Climate Fund (GCF) will have nearly $6 billion more to spend on emissions-reduction and climate adaptation projects in developing countries, after its board agreed to a management proposal to reduce the proportion of money it has to keep in reserve.
At a meeting in Tajikistan this week, the government representatives who make up the fund's board endorsed the proposal to revise its financial rules so that it no longer has to set aside one dollar for every dollar it spends.
Instead, the buffer amount will be decided based on a new, looser methodology. The GCF's chief financial officer, Darren Tan, told board members that the old rules had led to too much cash building up in the fund's reserves and
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