GCF COP23 Updates
Key Outcomes of the COP 23
The outcomes of the COP are captured in the Decision 1/CP.23, the Fiji Momentum for Implementation.
Talanoa Dialogue is one of the key outcomes at the COP 23. The dialogue is supposed to be a structure and transparent way of making progress around three fundamental questions: Where are we? Where do we want to go? How do we get there?
Paris Rule Book
Another outcome is in the implementation guidelines: the Paris rulebook. The work on implementation guidelines of the Paris Agreement is to be concluded at the next COP24 in 2018 in Poland. The draft elements captured on paper in Boon are very long and include all options – with some good ones on the Transparency Framework.
GCF to transfer USD40 million for Bangladesh
The Green Climate Fund has signed an agreement with KfW, a German development bank, to help finance climate resilience in Bangladesh. The funds will be used in building cyclone shelters and urban infrastructures. Source here.
Surge in requests for GCF support at COP 23
The Fund held a technical seminar which attracted over 100 participants from over 40 countries. The seminar which focuses on National Adaptation Plans (NAPs) and other planning processes aims to good practices to further improve the quality of proposals to access GCF funding. By the end of last month, 38 countries had submitted proposals for adaptation planning support. Please, see more here.
GCF and World Bank join forces
The Green Climate Fund and the World Bank signed the master agreement (AMA) allowing both institutions to work together on innovative projects for mitigation and adaptation. WB has already started its projects in the Solomon Islands, Mali and Tajikistan and Uzbekistan. The bank has a goal of providing 28 percent of its portfolio delivering climate change benefits by 2020. Please, see more here.
GCF gives green light to largest project to date in EBRD partnership
The partnership between the GCF and EBRD supports Sustainable Energy Financing Facilities programme. “EBRD has a target of dedicating 40 percent of its annual investments to green finance by 2020.” More here.
GCF REDD+ pilot pushes Paris momentum
GCF’s pilot for REDD+ results-based payments helps push the Paris Agreement into action. Mr Tosi Mpanu-Mpanu, a GCF Board member from the DRC commented that the “decision of the GCF is a clear application and entry into action of article 5.2 of the Paris Agreement,” during a side event at the recent COP23 in Bonn.
Article 5 encourages countries under the UNFCCC to implement REDD+, including through results-based payments. The pilot programme for REDD+ results-based payments, which the GCF Board approved last month, is the final phase of REDD+ that provides assurance to funding providers that their support will have verifiable results in GHG emissions reduction. Please, read more here.
GCF PORTFOLIO DASHBOARD
Pledged – 10.3 billion
Signed – 10.1 billion
Committed – 2.7 billion
Beneficiaries: 159 million (anticipated number of people with increased resilience)
Tonnes of CO2: 1 billion (anticipated tonnes equivalent avoided)
Geographic Distribution: Eastern Europe – 4, LatAm/Caribbean – 11, Asia Pacific – 21, Africa – 23
Priority Countries: SIDS – 10, LDCs – 17, African States – 23
Funding Amount by Financial Instrument:
Grants: 1.2 billion (44%)
Loans: 1.0 billion (40%)
Equity: 406.6 million (15%)
Guarantees: 21.5 million (1%)
*Status as of December 12, 2017
Simplified Approval Process (SAP)
The GCF has introduced an easier access to its resources for smaller-scale activities. Apparently, the Accredited Entities, National Designated Authorities or Focal Points and their respective partners can submit concept notes under this process. To find out more details, please see them here.