Green Climate Fund Updates

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Green Climate Fund Updates – 18th GCF Board Meeting

The 18th meeting of the GCF Board has offered opportunities for civil society and non-governmental organizations in providing valuable inputs. Some of the key outcomes are mentioned below:

TI recommendations to the 18th GCF Board meeting
TI has provided recommendations based on the agenda items of the Board meeting. The movement, in particular, demanded greater transparent and more accountable policies on the following items: project funding proposals, structure and staffing of the secretariat; Readiness and Preparatory Support Programme & progress report; GCF risk management framework; interim policy on cancellation and restructuring, and matters related to the accreditation framework and policy gaps.

Integrity Policies
At the 18th GCF Board meeting, the Board Members adopted a new Anti-Money Laundering and Countering the Financing of Terrorism Policy (AML/CFTP). The following policies and standards will be determined in 2018:

  1. Whistleblowing policy
  2. AML/CFT standards for policy implementation
  3. Observer participation policy
  4. Ethics and conflict of interest policies
  5. Revised procurement guidelines and HR guidelines (staff code of conduct)
  6. Environmental and Social safeguards policy

Green Climate Fund approves historic USD500 million for forest sector results-based payments
The GCF Board members decided to adopt the terms of reference for the REDD+ results-based payments. All forest countries that qualify all the UNFCCC requirements will be recipients of the total amount of USD 500 million support. Please, read more here.

gcf-board-meeting-cairo-egypt

GCF Board Meeting, Cairo

(twitter@StigSvenningsen)

GCF Board Approves 11 New Projects

  AE Country Project name Amount in USD
XacBank

 

Mongolia Renewable Energy Program #1-Solar 8,650,050
European Bank for Reconstruction and Development Kazakhstan GCF-EBRD Kazakhstan Renewables Framework 110,000,000
Inter-American Development Bank   Low Emissions and Climate Resilient Agriculture Risk

Sharing Facility

20,000,000
World Food Programme   Building the climate resilience of food insecure smallholder farmers through integrated management of climate risks 9,983,521
WWF Inc Bhutan Bhutan for Life (BfL) 26,557,354
United Nations Development Programme   Scaling-up investment in low-carbon public buildings 17,346,000
Asian Development Bank Nauru Sustainable and climate resilient connectivity for Nauru 26,910,000
United Nations Development Programme Egypt Enhancing climate change adaptation in the north coast and Nile Delta regions in Egypt 31,385,000
Corporación Andina de Fomento Argentina Implementation project of the integral management plan of the Lujan River Basin 58,528,147
X Food and Agriculture Organization   Poverty, Reforestation, Energy and Climate Change (PROEZA Project)  
United Nations Development Programme Colombia Scaling up climate resilient water management practices for vulnerable communities in La Mojana 38,496,000
X Unidad Para el Cambio Rural (UCAR) Argentina Climate Action for Rural Development: community based adaptation and mitigation  
Ministry of Finance and Economic Cooperation of the FDR Ethiopia Ethiopia Responding to the increasing risk of drought: building gender-responsive resilience of the most vulnerable communities 45,002,759


The GCF has accredited the following new entities:

  1. China Clean Development Mechanism Fund Management Center (China CDM Fund Management Center)
  2. Department of Environment (DOE) of Antigua and Barbuda
  3. Palli Karma-Sahayak Foundation (PKSF), Bangladesh
  4. Sahara and Sahel Observatory (OSS), Tunisia
fiji-asia-pacific-climate-warriors

Fijian Climate Warriors

 

 

 

 

 

 

 

 

GCF and ADB sign agreement to help Fiji address its water challenge
Fiji will be receiving support for its water management project approved by the GCF. The Fund will commence transferring USD 31 million contributions through Asia Development Bank, which is the accredited implementing entity for the project. GCF has also approved not only for Fiji but other Pacific Island countries an amount totaling almost USD 280 million. Please, see more here.

GCF talks renewable energy with Alliance of Small Island States
The Maldives Government convened a high-level meeting with Energy and Environment ministers joined by the Green Climate Fund in Male recently. The Maldives is the Chair of the Alliance of Small Island States (OASIS) that focuses on advancing the use of low emission renewable energy. The GCF, which supports the initiative has already approved several renewable projects with OASIS members. Please, read more here.

Funds flow in GCF’s first direct access project with Pacific Islands
Vanuatu, an island in the Pacific which is considered as the most vulnerable nation to climate change, will soon receive its first tranche for an adaptation project. The Funded Activity Agreement (FAA) has been signed allowing the GCF to transfer the amount of over USD 20 million. Please, see more here.

GCF and Africa Finance Corporation drive low-emission development in Africa
The Green Climate Fund and the Africa Finance Corporation (AFC) signed an Accreditation Master Agreement (AMA) to help African countries in their low carbon emission investments in power, transport, heavy industries, and telecommunications. The investments will not only mitigate emissions but also further develop Africa’s economic activities. Please, read more here.

GCF invests USD 65.8 million for Egypt renewable project
The Egyptian Renewable Energy Financing Framework project has received a transfer of USD 65.8 million as the first tranche. The European Bank for Reconstruction and Development (EBRD), as GCF’s partner, will undertake the project implementation that will eventually reach a total of over USD 150 million. Please, read more here.

GCF in Figures

A snapshot of key figures as of September 2017

1.0 billion – Anticipated tonnes of CO2 equivalent avoided
159 billion – Beneficiaries

Projects / Portfolio
21 – Executed Funded Activity Agreements (FAAs)
54 – Number of project/programme proposals approved

Readiness / Accreditation
130 – Number of readiness requests approved
74 – Number of readiness requests disbursed
59 – Number of Accredited Entities

For more details, please visit the page here.

Thank you for reading!

 

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