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Hela Cheikhrouhou to leave when terms ends as clouds gather over flagship venture
By Alex Pashley
The head of an UN-backed $10 billion fund for developing countries is to step down after three years in charge.
Hela Cheikhrouhou, the Green Climate Fund’s first director who
oversaw its capitalisation by over 40 countries will not seek a new term
when it ends in September, according to a statement on Friday.
The South Korea-based outfit is under pressure from major donors to
deliver a promised ‘paradigm shift’ in clean energy and resilience
projects to counter global warming. It has approved just 8 projects worth $168 million so far.
The US, UK and Germany – who put up more than half of the fund’s
initial $10bn capitalisation – have flagged fears it lacks focus and
direction.
First proposed at climate talks in 2009, half the cash is reserved
for projects that protect communities from extreme weather; the other
drives greenhouse gas emissions cuts.
The GCF’s board will meet in March to “discuss steps to appoint a
successor and ensure a smooth transition of leadership” following the
Tunisian official’s exit. It aims to scale up its approval of projects
fifteen-fold to $2.5 billion this year.
Former UN climate chief Yvo de Boer tweeted Cheikhrouhou had “persevered and laid a foundation under challenging circumstances.”
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