At the helm of the Green Climate Fund, the Portuguese economist calls for bold investment strategies to match the urgency of the climate crisis.

For years, the world’s attention has oscillated between pressing geopolitical crises, economic uncertainty, and social unrest. Meanwhile, the climate emergency—arguably the defining challenge of the 21st century—has too often slipped down the priority list of global leaders. Yet Mafalda Duarte, head of the $21 billion Green Climate Fund (GCF), insists that this is precisely the moment when ambition must expand, not retreat.

“We need a different scale of investments,” Duarte declared in a recent interview in Seoul, where the GCF is headquartered. Her words, deliberate and urgent, reflect the paradox she has lived for nearly two years: navigating an era of fractured global politics while advocating for unprecedented cooperation on climate finance.

The Weight of Responsibility

Duarte, 49, took on the leadership of the world’s largest dedicated climate fund in 2023. Since then, she has been ringside as global events—from conflicts in Eastern Europe and the Middle East to trade tensions between the United States and China—have absorbed much of the international community’s bandwidth. But the climate crisis, she stresses, will not wait.

“Climate impacts are accelerating. Every year, communities lose lives and livelihoods to floods, heatwaves, and droughts. Yet the pace of funding is still far from matching the scale of the challenge,” Duarte explained.

The GCF was established to channel financial support from wealthier nations to developing countries, enabling them to adapt to climate impacts and pursue low-carbon development. But contributions have often fallen short of pledges, leaving recipient nations scrambling for resources to protect vulnerable populations. Duarte has worked to restore trust in the fund by emphasizing transparency, efficiency, and the catalytic role of public money in unlocking private capital.

Beyond Billions: The Trillion-Dollar Question

For Duarte, the problem is not only the size of the fund but also the mindset underpinning global climate investment. “We cannot think in billions anymore,” she said. “The reality is that trillions are needed annually if we are to build resilient economies and meet the goals of the Paris Agreement.”

According to the International Energy Agency, global clean energy investments must triple by 2030 to keep global warming below 1.5°C. Yet capital flows to developing countries—the places most in need—remain strikingly low. Duarte’s vision emphasizes shifting financial risk away from fragile economies and creating frameworks that draw in private investors at scale.

“Every dollar of public climate finance should be designed to mobilize multiple dollars in private investment,” she noted. “We have seen promising models, from blended finance to green bonds. But the world needs a systemic change in how we view climate investments—not as charity, but as essential, long-term economic strategies.”

Hope Amid Turbulence

Despite the formidable challenges, Duarte speaks with optimism. She cites recent examples where climate investments have proven transformative: solar mini-grids powering remote African villages, mangrove restoration projects that protect coastal communities from rising seas, and climate-smart agriculture boosting food security in Latin America. “These are not abstract concepts. They are tangible projects delivering both resilience and prosperity,” she said.

Duarte’s leadership style combines pragmatism with inspiration. Colleagues describe her as deeply focused yet empathetic, able to connect the grand challenge of climate change to the everyday realities of people around the globe. “Climate change is not just about numbers and targets. It is about justice, equity, and the right to a future,” she often reminds audiences.

Looking Ahead

As the Green Climate Fund prepares for its next replenishment round later this year, Duarte is pushing donor countries to go beyond incremental increases. “This is not the time for half-measures. We need commitments that reflect the urgency of the science and the reality of the impacts already being felt,” she emphasized.

In a world where crises are competing for attention, Duarte’s message cuts through: the climate crisis is not a distant issue, but a present danger requiring transformative investments today. If global leaders heed her call, the 2020s could yet be remembered as the decade when humanity rose to the challenge—not with fear, but with bold, hopeful action.

At 49, Mafalda Duarte embodies both the urgency and optimism of a generation that refuses to accept defeat in the face of climate change. Her vision of a new scale of investments may be the key to turning today’s fragile hopes into tomorrow’s resilient realities.