GCF to develop countries
5 June, 2018, 12:29 pm
The Green Climate Fund (GCF) is expected to become a major vehicle for channeling funding to developing countries for climate change adaptation and mitigation. It has pledged resources of more than $US10 billion ($F20b) and has project portfolio of more than 50 projects, benefiting 217 million people.
Fiji already has a GCF-supported urban water supply and wastewater project, total project value $US405 million ($F834m) with a GCF contribution of $US31m ($F63m) through Asian Development Bank.
Fiji has made considerable progress in their plans, policies, and projects to respond to climate change.
However, if they are to make fundamental shifts toward climate compatible development, they need access to funding on a much bigger scale.
To mobilise this funding, they need to have certain enabling conditions — often referred to as “readiness” — in place.
The Fiji GCF Readiness Program allows the country to understand how they can better position themselves to access and manage funding to mitigate and adapt to climate change.
The project’s focuses for the past three years has been on strengthening national intuitional capacities, increased coordination and establish systems to attract the private sector resources.
A significant achievement for the project has been the accreditation of Fiji Development Bank which made history as the first development bank in the South Pacific to become an accredited Direct (National) Access Entity by the GCF.
This direct access means that Fiji is well positioned to access funding to the GCF and take ownership of their climate change projects.
In addition, the project has completed a National Climate Funds (NCF) feasibility study.
The National Climate Funds is a tool which allows Fiji to explore, access and utilise global climate finance from a variety of sources.
Through the National Climate Funds (NCFs), is an opportunity to set up a system that can mobilise climate finance at the national level.
This will also allow the government to scale up national climate change adaptation and mitigation activities.