The Green Climate Fund (GCF) meant to channel billions of dollars to poor nations said it had had a “very difficult and disappointing” meeting ending on Wednesday, in a new setback after US President Donald Trump pulled out US support last year.
Australian climate finance expert Howard Bamsey announced he was stepping down as executive director of the GCF at the end of the four-day meeting in Songdo, South Korea, the GCF said in a statement.
The GCF, whose South Korean headquarters opened in 2013 with backing from almost 200 nations, aims to help poor nations cut greenhouse gas emissions and adapt their economies to heatwaves, storms and rising seas.
But it has been bogged down by disputes between rich and poor nations about how and where to invest.
“This has been a very difficult and disappointing board meeting for all of us, but most importantly for those people who are most vulnerable to climate change impacts, and who depend on the activities of the Fund,” GCF chair Lennart Baage said in a statement.
The meeting had “challenging and difficult discussions between Board members”, the GCF said in a statement.
A GCF spokesman said Baage declined further comment.
The meeting failed to add to its portfolio of 76 projects worth $3.7 billion, which range from promoting rooftop solar energy in India to helping Colombia safeguard wetlands.
In another story, it’s said he resigned for “personal reasons”:
UN climate fund chief resigns for personal reasons while board meeting collapses
In a dramatic conclusion to a meeting that failed to approve any finance for the developing world, Howard Bamsey announced his exit from the Green Climate Fund
Howard Bamsey resigned as executive director of the Green Climate Fund (GCF) with immediate effect on Wednesday, in a bombshell finish to a fraught board meeting.
The Australian cited “pressing personal issues” in his resignation letter, adding that it was best he leave before the next round of fundraising started.
It came as the four-day meeting in Songdo, South Korea collapsed with no decisions on 11 funding bids worth nearly $1 billion, or on how to top up the flagship climate finance initiative’s dwindling resources.
“The gall of the Trump guy to say # replenishment process should be donor driven. Guess he’ll just sit down and shut up then,” tweeted Action Aid’s Brandon Wu. He noted that one of the founding principles of the fund was to give developing countries an equal say.
Pls recall that one of #GCFund‘s selling points is balanced governance, w/recipient countries having more control cf. other funds. Contributor driven replenishment process undermines that, & there’s tons of evidence that top-down intl financing is often misguided & unsustainable.