Green Climate Fund names Mafalda Duarte as new Executive Director

The Green Climate Fund (GCF) Board has selected Mafalda Duarte as its new Executive Director. Following an extensive global recruitment process, the Board made the selection during its thirty-fifth meeting at the GCF headquarters in Songdo, Incheon, Republic of Korea.

Mafalda 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.

Board Co-Chair Nauman Bhatti, from Pakistan, stated,

‘We are delighted to have selected Mafalda as our next Executive Director. She brings exceptional skills and experience as a senior climate finance executive. 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.’

Fellow Co-Chair Victoria Gunderson, from the United States, added,

‘Mafalda was selected after a highly competitive international recruitment process, ahead of a number of very strong candidates. The Board was impressed with her vision and drive. Her experience in managing climate funds will be crucial for GCF as we continue to grow our highly catalytic climate finance portfolio.’

Speaking after the Board announcement, Mafalda Duarte stated,

‘I am honoured to have been selected by the Board. I look forward to working with the Board, Secretariat, and all our partners to strengthen GCF and accelerate its delivery of critically needed climate investments. 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. The Board thanked him for his service during a reception held in the margins of the Board meeting.

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 USD 42 billion including co-financing.