A historic record has been set. Billions have been approved for the climate, but the needs are even greater.

The Green Climate Fund approved a record $1.97 billion for climate projects, raising total funding this year to $3.2 billion. The funding will support 21 initiatives, including six private sector projects. Despite this increase, wealthier nations are reluctant to boost their contributions. The GCF is exploring new funding sources beyond government contributions to attract private investors. The total investment financed by the GCF has reached $22.3 billion, with demand for funding exceeding $11 billion. The GCF hopes for strong political support at the upcoming COP31 summit to enhance its financial resources.