Agreement to provide support in accessing climate finance
7 June, 2018, 2:00 am
PORT MORESBY – Papua New Guinea will soon receive support in accessing climate finance to address its adaptation and mitigation needs as it is one of the most vulnerable countries to the adverse effects of climate change.
This is following an implementation agreement signed recently between the Global Green Growth Institute(GGGI) and the Independent State of Papua New Guinea’s Climate Change and Development Authority.
The Implementation Agreement was signed by director-general of GGGI Dr Frank Rijsberman and CCDA’s managing director Ruel Yamuna at the GGGI Seoul headquarters.
According to a statement, under the agreement, GGGI would support CCDA to strengthen its role as a national designated authority (“NDA”) to engage with, and access funds from GCF.
Further, under close consultations with CCDA, GGGI would implement activities described in the readiness project, which included strengthening country capacity, engaging stakeholders in consultative processes and supporting private sector mobilisation, all of which will help address climate resilience and low-carbon development.
PNG is one of the 13 founding members of GGGI, having expressed commitment to support the organisation at the 2012 Rio+20 Summit.
GGGI was selected as PNG’s delivery partner to the Green climate fund readiness project in 2017.
In November 2017, GGGI conducted the first national workshop on accessing climate finance, where cross-sectoral stakeholders gathered to identify common challenges that the country faces in accessing climate finance, address potential solutions, and understand how GGGI can further support PNG to build relevant capacity, strengthen coordination and develop innovative climate project proposals.
The GCF readiness project, in the amount of US$667,427 with a 24 month implementation period, was approved by GCF on December 18 last year.
Based in Seoul, GGGI is an intergovernmental organisation that supports developing country government’s transition to a model of economic growth that is environmentally sustainable and socially inclusive.
GGGI delivers programs in 27 partner countries with technical support, capacity building, policy planning and implementation, and by helping to build a pipeline of bankable green investment projects.