Historically, the GCF has mobilised about $3 of extra resources for every $1 it invests, and $4.5 for private‑sector projects. Duarte said this ratio rose to $9 last year, and the fund now aims for a multiplier higher than 10‑to‑1.

To widen its funding base, the GCF is introducing a first‑ever policy that permits contributions from non‑sovereign and alternative sources, Duarte explained. This move is intended to attract money beyond traditional national‑government donors.

The fund is also building co‑investment platforms where sovereign and non‑sovereign investors can partner on specific sectors, projects and markets, Duarte said. These platforms are designed to attract both public and private money.

Overall, the GCF’s total investments now amount to $22.3 billion across 379 projects, and $86.4 billion when co‑financing is included. By combining new contribution rules with co‑investment platforms, the fund hopes each dollar it spends will generate many more dollars of climate financing.