The Green Climate Fund supports green projects in developing countries for $5 billion over four years

The Seoul-based Green Climate Fund has approved $5 billion in the form of debt, equity, grants or guarantees for about 100 green projects
in developing countries over the past four years.
However, as project approvals accelerate, the funds available for allocation are running out
.

One of its new executive directors, Yannick Glemarec, is to supplement the fund to play a bigger role
in global climate finance.
"Our board has the capacity to approve $2.
5 billion to $5 billion a year," Glemarec said
in an interview.

The decision to establish the Green Climate Fund was made in 2010
.
Five years later, it is tasked with channeling a portion of the $100 billion in annual committed climate finance flows from advanced economies to developing countries
.
Many countries have committed more than $10 billion
to the Green Climate Fund.
The largest donation came from the United States, which amounted to $3 billion, but only $1 billion
was disbursed.

In the latest round of pledges, two countries "announced that they would double their contribution to the Green Climate Fund": Germany initially pledged $1 billion, and Norway pledged $271 million
in the first round.

Glemarec declined to talk about the goal of raising funds, but agreed that the role of every penny needs to be further expanded, "leveraging trillions of dollars for high-impact projects.
"

However, critics of the fund say that "the services it provides are lower than expected and lack agility
.
" It is a 24-member board of directors, split between
developed and developing countries.
”

In response, Glemarec explains, "I don't think a 24-member board member is
too big.
This is the first time we've tried to build a completely different governance system that is based on equality among the world's global sovereigns, so there must be some growing pains
.
”