29.5 C
Monday, September 25, 2023

GCF approves $315m in funding at final 2016 meeting

The first Green Climate Fund (GCF) Board meeting to be held in the Pacific, and the final for 2016 closed in Apia, Samoa, on Friday, December 12 having approved eight new funding proposals and accredited seven new partner entities.

GCF Co-Chairs, Zaheer Fakir from South Africa (right) and Ewen McDonald from Australia

The fifteenth meeting of the Board (B.15) approved the following projects and programmes valued together at $315.24 million:

  • $133 million for Catalysing Private Investment in Sustainable Energy in Argentina with the Inter-American Development Bank (IDB);
  • An initial $17 million for the Pacific Islands Renewable Energy Investment Program with the Asia Development Bank (ADB), to begin with a project in the Cook Islands;
  • $28.2 million for Accelerating the Transformational Shift to a Low-Carbon Economy in the Republic of Mauritius with the United Nations Development Programme (UNDP);
  • $20 million for the Business Loan Programme for GHG Emissions Reduction in Mongolia with XacBank;
  • $57.7 million for Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment in Samoa with UNDP;
  • $12.2 million for SCF Capital Solutions in South Africa with the Development Bank of South Africa (DBSA);
  • $24.1 million for Building Resilient Communities, Wetlands Ecosystems and Associated Catchments in Uganda with UNDP;
  • $23 million for Climate Information Services for Resilient Development in Vanuatu with the Secretariat of the Pacific Regional Environmental Programme (SPREP).

More than $1.3 billion in GCF resources was committed to funding proposals in 2016.

“This year has demonstrated that the Fund is rapidly gathering pace with regard to scaling up climate finance,” said Board Co-Chair Zaheer Fakir (South Africa). “I am proud of the progress we have made over the past 12 months in improving Fund performance and growing our portfolio of investments.”

Fellow Co-Chair Ewen McDonald (Australia) noted that B.15 was a significant marker for Pacific island countries.

“I am really pleased that the Board approved $98 million for Pacific proposals at this meeting,” said Mr. McDonald. “This is the largest climate finance meeting to ever be held in the region and it comes on the cusp of 2017, the year Fiji will host the UNFCCC Conference of the Parties. I have high hopes that 2017 will be the year of climate finance for the Pacific.”

The Board accredited seven new entities, representing a diverse range of public, private, small, and large organisations, including five direct access entities. The Board also approved the first upgrade to accreditation type, by the Conservation International Foundation. The seven newly accredited entities are:

  • Central American Bank for Economic Integration (CABEI);
  • Foreign Economic Cooperation Office (FECO) of the Ministry of Environmental Protection of China;
  • Fundación Avina (Fundación Avina);
  • Korea Development Bank (KDB);
  • PT Sarana Multi Infrastruktur (PT SMI);
  • Société de Promotion et de Participation pour la Coopération Economique (PROPARCO);
  • World Wildlife Fund, Inc. (WWF).

The Board also elected its Co-Chairs for 2017. Ewen McDonald will continue to serve as developed country Co-Chair, while the developing country role will pass to Mr. Ayman Shasly (Saudi Arabia), representing the Asia Pacific group.

Latest news

- Advertisement -
- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: