Investment for Green Climate Funding (GCF) requires a systematic approach, integrating sustainability with financial policy, investment practices, and promoting new business and investment models that include sustainable development as a core principle, says Agriculture Minister Dr Mahendra Reddy.
He made the comment yesterday after a memorandum of understanding (MoU) was signed between the Fiji Development Bank and the Government through the Department of Environment on the GCF projects.
Dr Reddy said they were overwhelmed to be part of a partnership for advancing the execution of environmental and social safeguard (ESS) screenings and due diligence processes for the GCF.
He said through the MoU, the collaboration between the FDB and Fiji’s Department of Environment to execute the environmental, social and governance safeguards screening(s) and the due diligence procedures for climate change project concept notes and full proposals, would prove to be crucial.
Dr Reddy said the interrelated issues associated with global warming and climate change were becoming ever more critical worldwide, while locally on our Fiji shores —like any other large ocean state across the Pacific Ocean — we face several of the most overwhelming consequences of extreme weather patterns.
“I am confident that the MOU we are about to sign today and our concerted efforts and partnership will deliver the benefits it promises,” he said.
Dr Reddy said the signing signified to the threshold of a momentous opportunity- an opportunity to extend our efforts to broaden and quicken the outcomes from the climate commitments that we have made.
In developing a sustainable capital market, raising awareness, and exchanging knowledge and experience, Dr Reddy said the Government and FDB could continue to provide greater clarity and technical advice for those tangible steps necessary for the implementation of the country’s national adaptation and mitigation priorities for funding under the Green Climate Fund.
FDB chief executive officer Saud Minam said the MoU formalises a collaborative approach to facilitate the submission of fundable climate change adaptation and mitigation concept notes and full funding proposals to the GCF for financing consideration.
He said it would also enhance FDB’s ability to integrate the environmental and social considerations into their decision-making and operations that would effectively manage environmental and social risks and impacts therefore improving outcomes.
“The MoU is also a step forward to make our products eco-friendlier,” he said.
“I am confident that, through this MOU we are deepening our collaboration to channel more climate finance to Fiji that allows us to better serve the Fijian people and provide an example to the business sectors here in Fiji and the Pacific.”
