In 2024, the Multilateral Fund for the Implementation of the Montreal Protocol reaffirmed its role as a pivotal leader in global environmental stewardship. The year marked unprecedented advancements in phasing down hydrofluorocarbons (HFCs) under the Kigali Amendment and amplifying energy efficiency efforts across 123 developing (Article 5) countries. In total, the Executive Committee approved 396 projects, channeling over US$175 million in funding - a testament to the Fund’s progress in driving sustainable solutions and impactful global change.

Leading efforts in HFC phase-down and HCFC phase-out
The 94th and 95th Executive Committee meetings were crucial in advancing the phase-down of HFCs, with the adoption of funding guidelines for developing nations and tailored support for small and medium enterprises (SMEs) in transitioning to low-global warming potential (low-GWP) alternatives. In 2024, 84 projects, totaling US$24 million, will contribute to the phase-down of HFCs. During the same period, 168 projects - the equivalent of more than US$80 million - will contribute to phasing out HCFCs in developing countries.

Energising change, optimising efficiency
Energy efficiency initiatives gained significant momentum in 2024. A US$100 million operational framework - supported by an additional US$40 million revolving fund - was launched to enable countries to adapt strategies to their unique national circumstances. In the manufacturing sector, the framework sets guidelines and provides incentives for producing energy-efficient equipment, including freezers, air conditioning systems, compressors, and heat pumps. The funding is complemented by a US$20 million investment agreed upon at the 91st meeting, which continues to support activities in the servicing sector. This flexible funding strategy showcases the Fund’s commitment to improving energy efficiency and curbing HFC usage in Article 5 countries, in alignment with global climate action objectives.

Enhancing operations and gender inclusivity
To maximise its impact and optimise accountability, the Executive Committee conducted an external assessment that sparked discussions on refining an evaluation policy for the Fund, with decisions anticipated in future meetings. Simultaneously, the streamlining of reporting requirements will reduce administrative burdens and enhance monitoring effectiveness. The past year also saw significant progress in gender mainstreaming, with an increase in women's participation across projects.

A year of collaborative success and forward vision
By effectively combining regulatory measures, technical support, and innovative performance-based financing, the Multilateral Fund has reinforced its commitment to phasing out environmentally harmful gases under the Montreal Protocol. This approach not only fosters environmentally friendly solutions but also boosts progress in energy efficiency and climate change mitigation. The accomplishments of 2024 vividly illustrate the Fund’s innovative and adaptable strategies, setting a strong foundation for ongoing progress in HFC reduction and the promotion of green jobs worldwide. As we transition into 2025, the groundwork laid this year asserts the Multilateral Fund’s leadership, upholding its legacy of international collaboration and meaningful environmental impact.

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