Mafalda Duarte appointed as new chief of $42bn Green Climate Fund

The Green Climate Fund (GCF) Board confirmed it has selected Mafalda Duarte as its new executive director. 

Following a global recruitment process, the board made the selection during its thirty-fifth meeting at the GCF headquarters in South Korea, the GCF said in a statement.

Duarte has been the chief executive officer of the Climate Investment Funds (CIF) since 2014. 

She has spent her career working on climate finance, and brings extensive experience of working in more than 30 developing countries, designing and implementing programmes to support low emission, climate-resilient development. 

Prior to joining CIF, she held senior positions at the African Development Bank and the World Bank.

"Mafalda is well-positioned to lead GCF into our next programming period making the fund more effective and efficient, increasing the financial resources we provide to developing countries," said Board Co-Chair Nauman Bhatti, from Pakistan.

$42 billion portfolio

GCF was established to support low-emission and climate-resilient development in developing countries. It is part of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and serves the Paris Agreement.

The Executive Director will lead the Secretariat of GCF and manage a portfolio of over 200 projects, amounting to a value of $42 billion including co-financing.

Speaking after the Board announcement, Mafalda Duarte told a packed room that she looks forward "to strengthen GCF and accelerate its delivery of critically needed climate investments."

She added: "Developing countries are on the frontlines of the climate crisis. They can count on my resolve to support their climate aspirations in pursuit of a better climate future for all."

The current executive director, Yannick Glemarec, reaches the end of his four-year term on 2 April 2023, having informed the board last year that he would not seek a second term. 

Ad interim director

The board also announced that Henry Gonzalez, deputy executive director, will serve as executive director ad interim until Duarte starts her tenure with GCF.

GCF was established to support low-emission and climate-resilient development in developing countries. It is part of the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) and serves the Paris Agreement.

The Executive Director will lead the Secretariat of GCF and manage a portfolio of over 200 projects, amounting to a value of $42 billion including co-financing.