Mafalda Duarte: It is possible to achieve allocation of $50B by 2030

It is possible to achieve allocation of an additional $50 billion by 2030, Mafalda Duarte, Executive Director of the Green Climate Fund, said during her speech at the Small Island Developing States (SIDS) Summit held within COP29 inn Baku on November 13, Report informs.

According to Duarte, last year the fund saw a 2.3 percent increase in its allocated funds:

"Small island states are important for the Green Climate Fund. More than 10 percent of our $16 billion budget has been allocated to small island states. In fact, the allocation of financial resources is four times more compared to others. Our revenues are based on grants. Several countries also help small island states. In particular, the banks of Jamaica, Fiji, and Cook Islands provide assistance."

Duarte stated that goals need to be defined more clearly:

"We can achieve the allocation of $50 billion by 2030. Along with quantity, we should also consider quality."