GGGI Annual Report 2023

EXECUTIVE SUMMARY

Message from the President of the Assembly and Chair of the Council

Dear Friends,
Members, and Partners of the Global Green Growth Institute,

The year 2023 was an eventful year for the global community, marked by new and old armed conflicts, coups, and civil wars in Africa and elsewhere, rising tensions between the two largest economies, and the realization that climate change is “here and now” and no longer a future threat.

Despite these conflicts, tensions, and continued increases in droughts, floods, and other climate phenomena, that had already become more intense and frequent due to the climate crisis, I was immensely pleased to see GGGI’s excellent results. These include, the green finance mobilized for our Member States, the dozens of projects operating under the Korea Green New Deal Fund, and the establishment of a new Global Trust Fund on Sustainable Finance Instruments (funded by the Government of the Grand Duchy of Luxembourg), not to mention the continuing activities to reduce over hundreds of millions of tCO2 emissions, create hundreds of thousands of green jobs, and much more.

GGGI has demonstrated once again that it effectively and innovatively supports Member States’ transition to green growth and adapt to the effects of climate change. Most importantly, GGGI helps people and communities, which has been the underlying goal of my tenure at the United Nations to this day.

For these reasons, with the confidence entrusted to me with my re-election as the President of the Assembly and Chair of the Council in October, I remain very proud to represent GGGI. I had the distinct pleasure of representing GGGI last year during my travels to, among other destinations, Sri Lanka, Mongolia, and Kenya, the latter in which I announced the coming launch of the Africa-Middle East SAFE (Scaling-up Agriculture & Food Systems for Economic Development) Initiative.
Allow me to assure that I will continue to do what I can to fight the climate crisis for future generations as President and Chair of GGGI. I extend my gratitude to all Member States, Partner governments and organizations, and the committed GGGI staff for the excellent achievements of 2023.

H.E. Ban Ki-moon
President of the Assembly and Chair of the Council & 8th Secretary-General of the United Nations

Message from the Director General

Dear Friends,
Colleagues, Members, Partners,

I am reflecting on 2023 and looking ahead to my final year at GGGI after seven years of an incredible green growth journey. I believe that 2023 was undoubtedly a successful year for GGGI in a challenging environment marked by conflict, instability, and record-breaking climate events. Our resilience and drive for results remains critical for navigating this challenging context. Remarkably, the tough financial climate, attributed to global events like the Ukraine war, hasn’t adversely impacted GGGI. Instead, we have secured unprecedented, earmarked funding, reflecting our growing capacity, reputation, and success. However, this success brings the challenge of fulfilling increased commitments, necessitating careful navigation.

In 2023, we mobilized USD 1.9 billion in investment commitments for green growth for our Member States and Partners including about USD 1 billion in Public and the rest in Private sector financing. Furthermore, the strategic outcomes of close to 260 projects in 46 countries are estimated to help reduce and avoid 59 MtCO2e emissions, and 50 million people will be directly supported to cope with the effects of climate change. The project activities are also estimated to help create or support about 200,000 green jobs and will help protect more than 7 million hectares of forests and ecosystems. Significant achievements include the Ecuador Debt for Nature Swap which saved Ecuador USD 1.1 billion in debt service repayments and earmarked USD 450 million for conservation efforts; Mexico’s first Green Resilience Bond for USD 160 million; and GGGI’s contribution to the Himachal Pradesh Power Sector Reform for USD 250 million in India.

After focusing on resource mobilization for several years, by 2023 we have made significant strides in emphasizing the quality of delivery in our work. This collective effort included focused management attention on all projects at risk, as well as improved reporting and online systems and project management training for all project managers. While GGGI continues to grow rapidly, that growth is not always evenly spread. In 2023 after one large project concluded in Colombia, we had to significantly downsize our team, regrettably.

I want to express gratitude to all our Member and Partner States, our resource and implementation partners, and our GGGI team, including staff, consultants, volunteers, interns, and secondees, for their role in GGGI’s success in 2023. We remain committed to continuous improvement, high quality, and impactful delivery. Looking ahead to 2024, we anticipate further expansion and aim to provide exceptional green growth support for our Member and Partner States.

Dr. Frank Rijsberman
Director-General

CHAPTER 1

About GGGI