© GGGI. Greenpreneur’s Light of Hope in Philippines selected as Winner for BKCF. Philippines, 2023
CHAPTER 4
Introduction to Key Achievements Delivered in 2023
MESSAGE FROM DEPUTY DIRECTOR-GENERAL AND HEAD OF GREEN GROWTH PLANNING & IMPLEMENTATION
The next six years may be our best opportunity to get the world back on track to avoid the worst impacts of climate change. At the same time, green growth provides boundless opportunities for win-win development that uplifts people and protects the planet. In 2023 we scaled our ambition through pioneering and high impact work. This included the largest Debt for Nature Swap in the world ever, the first resilience bond, a wave of new sustainability bonds in Latin America, the Caribbean and Asia, transformational circular economy and forestry protection work and bringing new technologies to our Members’, catalyzing industries and creating jobs. We increased the number of country operations by 5 and formalized the new GGGI region of the Middle East and North Africa. Lastly, with the COP28 Presidency, African and global leaders, we launched the Africa Middle-East SAFE initiative at COP28 in UAE and committed to mobilizing USD 10 billion for food security and resilience in these two geographies through harnessing GGGI skills in developing projects to bankability.
Helena Mcleod,
Deputy Director-General and Head of Green Growth Planning & Implementation
MESSAGE FROM ASSISTANT DIRECTOR-GENERAL & HEAD OF INVESTMENT AND POLICY SOLUTION DIVISION
In the face of a global financing need for sustainable development that has surged to USD 4 trillion annually due to the pandemic and natural disasters, GGGI’s role has never been more critical. Adding USD 1.9 billion in 2023 alone, GGGI has mobilized a total of USD 10 billion in green finance since 2015, aiming to achieve a USD 14 billion target by 2025, to support the green growth initiatives of its Member and Partner States. Our strategy leverages GGGI’s Global Programs, which have extended to over 20 Member States in 2023, acting as catalysts for significant projects in areas such as Green Hydrogen, Floating Solar, Green Buildings, and Methane Flaring Optimization. We anticipate each of these programs could mobilize between USD 500 million to over USD 1 billion, while also fostering skills, capacity, and knowledge in these critical green sectors. Backed by the GGGI Project Preparation Facility, and with progress towards establishing a unique Blended Finance Facility that merges public and private funds to finance the implementation of these impactful green projects, we are laying a robust foundation for a sustainable future.
Â
Kyung Nam Shin,
Assistant Director-General & Head of Investment and Policy Solution Division
