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Alexandre Pinheiro facilitates a GEF press conference at the conclusion of 71st GEF Council in Samarkand, Uzbekistan. The conference was addressed by Fred Boltz, Manager, Programming, Claude Gascon, Interim CEO and Chizuru Aoki, Manager, MEAs and Funds Division. Credit: Stella Paul/IPS
SAMARKAND, Uzbekistan, Jun 3 2026 (IPS) - As the Global Environment Facility (GEF) steps into the starting blocks of its next financial cycle, the Interim CEO Claude Gascon reflects on what he termed a “moment of transition and delivery”.
He was speaking at a press briefing on the eve of the Eighth GEF Assembly , which is scheduled to begin tomorrow (June 4).
“We are looking towards the past successes of GEF-8 with very strong results as well as looking forward to the next four years launching GEF-9 with a “sharper focus on impact, speed and scale.”
The GEF-9 replenishment, which was approved in Council, will be presented in the Assembly tomorrow and sends a strong signal: “Multilateral collaboration still matters in the world,” Gascon said as the 71st Council of the GEF concluded in Samarkand, Uzbekistan.
Donor countries pledged an initial USD 3.9 billion to help developing countries accelerate their progress towards 2030 environmental goals.
“The USD 3.9 billion represents the initial set of pledges,” he said, adding that despite fiscal pressures globally, “In this climate, it is a very, very strong signal.”
Gascon emphasised that discussions with donor countries are still ongoing.
“We are confident that over the next six to 12 months, we will get significantly higher pledges,” he said, noting that these could be integrated into the GEF‑9 financial framework as they materialise.
Chizuru Aoki, Manager of the Multilateral Environmental Agreements and Funds Division, pointed to upcoming global environment meetings as likely venues for new commitments.
“We are expecting to hold pledging sessions on the occasion of CBD COP17 (the biodiversity COP), as well as other COPs (climate change and desertification),” she said. “The COPs tend to be a very good occasion for a new announcement to be made.”
With public finance under pressure, the GEF is placing greater emphasis on blended finance and other innovative mechanisms to stretch limited resources.
Fred Boltz, head of the Programming Division, said such instruments are “very much in demand” and increasingly central to GEF operations, though not a substitute for core funding.
Gascon clarified how blended finance is structured within GEF operations.
“The blended finance that the GEF puts in is, in fact, grants that we give to countries to develop blended finance projects,” he said. “The GEF portion… is not expected to be paid back by the country.”
He added that even if projects fail, “the GEF money basically is lost”, underscoring the institution’s role in absorbing risk.
This ability to take on risk is designed to attract private capital.
“GEF money can come in and decrease the interest rate or allow the technology to be adopted,” Gascon said, explaining that such support helps make projects commercially viable and encourages private sector participation.
Examples of innovative financing include biodiversity-linked instruments such as species bonds. These allow private investors to fund conservation efforts, with returns tied to measurable outcomes such as increases in wildlife populations. Such models avoid adding to public debt while expanding conservation funding.
The GEF-9 replenishment package introduces structural reforms to make the GEF faster, simpler, and more accountable, ensuring resources reach countries more efficiently, with key strategic priorities including:
Integrated Programs targeting systemic transformations across nature, food, urban, energy, and health systems to integrate the value of nature in production and consumption systems.
Blended finance at scale, with an aspirational target of programming 25 percent of resources to mobilize private capital.
Whole-of-government and whole-of-society engagement, deepening participation of civil society, youth, women, and the private sector.
Strengthened support for vulnerable countries, with 35 percent of resources directed to support LDCs and SIDS, and 20 percent to support Indigenous Peoples and local communities.
GEF-9 will also allocate USD 100 million to an Indigenous Peoples and local communities Conservation Initiative, four times more than in the previous GEF investment cycle. The initiative provides dedicated and direct funding to Indigenous-led organi…
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