Mafalda Duarte, executive director of the Green Climate Fund (GCF), is spearheading efforts to expand climate financing amid tightening global funding conditions. The GCF, which describes itself as the world’s largest multilateral climate fund, currently manages a portfolio of $18 billion in approved funding for projects aimed at combating climate change.

Duarte, originally from Portugal, brings extensive experience to her role, having worked on climate-related initiatives in more than 30 developing countries over her career. Prior to leading the GCF, she managed the Climate Investment Funds, which allocated over $8 billion across more than 70 developing nations. Her earlier work includes roles at the African Development Bank and the World Bank.

In 2026, Duarte has prioritised restructuring the GCF’s financial operations to increase the fund’s capacity without relying solely on new donations—a critical approach given the ongoing global energy crisis that has constrained climate finance availability. By revising the fund’s financial risk management and balance-sheet strategies, she has developed a plan expected to unlock an additional $4 billion in resources for climate projects.

Duarte’s broader objective is not only to optimize existing funds but also to attract more contributions, aiming to grow the GCF’s total investment capacity to $50 billion by 2030. This expansion is seen as vital for supporting developing countries’ climate adaptation and mitigation efforts in the face of escalating environmental challenges.

The Green Climate Fund remains a central player in global climate finance, channeling resources to assist vulnerable nations in implementing sustainable energy solutions, reducing emissions, and addressing climate impacts. Duarte’s leadership underscores a strategic shift towards financial innovation within climate funding bodies to meet ambitious international environmental goals.