GCF: Climate finance must be rapidly directed to most vulnerable areas

Discussions that bring people back to the center of climate finance, and the increasingly important intersection of human development with education, healthcare, social protection, and employment in the most challenging places are needed, Stephanie Speck, Communications Director of the Green Climate Fund (GCF), said at the COP29 session on "Baku Human Development Initiative for Climate Resilience" held in Baku, Report informs.

According to Speck, this is essential, and climate finance must be rapidly directed to the most vulnerable areas: "Not just projects, but inclusivity must be ensured, and it must be implemented fairly and equally."

The GCF official emphasized that the fund fulfills its responsibilities in this area both through its direct investments (currently $16 billion) and through other sources: "We have attracted more than $60 billion in investment for financing. We are trying to get more investments in healthcare, education, and social protection in a targeted manner."

She noted that more work needs to be done in this area: "We need to create long-term livelihood means. We need to develop skills that help address the social impacts of mitigation and support just transitions by providing public works programs and income transfers that directly and purposefully contribute to climate change mitigation through reducing greenhouse gas emissions."