The Green Climate Fund (GCF) is instituting major reforms to streamline how countries, including Pacific Island nations, access critical climate financing. 

This announcement was made by Stephanie Speck, Head of Vulnerability and Communications at GCF, during the 53rd Pacific Island Leaders Forum in Tonga this week. 

Local media outlet Matangi Tonga reported that one of the key changes involves drastically reducing the fund's disbursement timeframe from fourteen months to just four months. 

This swift action aims to address the pressing climate adaptation needs faced by Pacific Island countries, which have been hampered by slow financial access.

Speck acknowledged the criticism surrounding the GCF's previous slow processes, stating, "We are very much facing up to the criticisms around ease and access and absorption.

"We are very much facing up to the criticisms around ease and access and absorption," said Speck.

GCF has reduced the timeframe of approving and dispersing funds, from 14 to four months.

"It used to take us a minimum of 14 months to then provide the investment funding. This year we have reduced it to four and a half months. You come to us, tell us what you want and you receive the money.

"We know that Small Island Developing States have capacity issues and there may be things that we need to do and adjust with our systems that make it easier for countries to interact with us and that's the process that we're in right at the moment," she said.

In addition to speeding up fund distribution, the GCF has revamped its readiness strategy, allowing countries to access up to US$4 million, and Small Island Developing States up to US$7 million, over four years.

This reform comes in the wake of concerns raised by United Nations Secretary-General Antonio Guterres, who recently visited Samoa. 

Guterres highlighted the severe impact of climate change on Pacific Island countries, despite their minimal contribution to global emissions. 

He emphasised the struggles these nations face in obtaining concessional funding and debt relief, which impedes their ability to undertake essential climate adaptation projects.

Guterres called for a significant overhaul of the international finance system to enhance adaptation funding and improve accessibility for vulnerable nations. 

He stressed the need for reformed lending practices to provide more effective and timely support for countries grappling with the harsh realities of climate change.

The Green Climate Fund's reforms represent a crucial step towards addressing these challenges, offering hope for faster and more efficient support to the world’s most vulnerable regions.