Understanding the Contribution of the Green Climate Fund (GCF) in Mangrove Forest Conservation: A Case Study on Sundarbans Mangrove Forest, Bangladesh

The Green Climate Fund (GCF) is mandated to undertake evidence-based and impactful climate change mitigation/adaptation projects in vulnerable countries. However, project effectiveness has often been questioned by some experts and countries. This study investigates recent trends and characteristics of GCF funding practices with the focus on project cost-effectiveness. Data were collected from GCF’s single-country project documents from 2016 to 2023. Given the potential contribution mangrove forest-rich tropical countries like Bangladesh can make to CO2 emission reduction through forest conservation, this research attempts to highlight forest/mangrove-related projects. These data were then analyzed by sectors, project themes, financing types, and cost-effectiveness in terms of local economic benefits and CO2 emission reduction. This investigation revealed that among a total of USD 7.5 billion GCF investment or 187 single-country projects for 89 countries, the investment in forests and land use was found to be one of the most cost effective among other sectors for both adaptation and mitigation although only six dedicated mangrove forest projects were undertaken. Despite the 50-50 rule for funding mitigation and adaptation efforts, GCF projects were focused more on mitigation, especially the energy sector. For Bangladesh, the third largest GCF investment destination in Asia after Mongolia and India, the conservation of the Sundarbans mangrove forest, the largest in the world, received only scant attention whereas vegetation reduction has raised serious concerns in the area. Two GCF projects that are relevant to Bangladesh’s mangrove-dependent communities emphasized livelihood developments for non-mangrove-dependent communities.