IDCOL to get GCF funds for energy efficiency in Bangla textile sector

IDCOL will receive $256.5 million concessional financing to promote energy efficiency in textile and garment sectors in Bangladesh.

The GCF board approved four new climate projects valued at $380.7 million in GCF funding and $1.0 billion with co-financing, whilst also launching the process for the Fund’s replenishment for the 2024-2027 period.

With the newly approved projects, GCF’s portfolio now stands at 200 projects with a total value of $10.8 billion in GCF resources, and $40.2 billion including co-financing.

During the four-day meeting, the Board also adopted new policies including an adaptation framework that will guide GCF’s approach and scope for providing adaptation support, and a climate rationale policy that will ensure a transparent and consistent approach to climate impact potential for funding proposals, GCF said in a release.

A formal decision was also made to launch the second replenishment for GCF for 2024-2027 (GCF-2). This launch will be followed by consultations on the strategic programming direction for GCF-2 as the GCF-1 programming period (2020-2023) ends next year. A pledging conference for the replenishment will be held in September 2023.

The 33rd GCF board meeting approved funding for several projects, including $18.5 million for Ouémé Basin Climate Resilience Initiative (OCRI) Benin with the Food and Agriculture Organisation and $200 million for E-Mobility Programme for Sustainable Cities in Latin America and the Caribbean with Inter-American Development Bank.

Fibre2Fashion News Desk (DS)