Deploying Resources of the Green Climate Fund: “What makes a good project?”
Picture source: The Green Climate Fund
On a side event organized by The Green Climate Fund on 2 December, speakers explained how GCF will go about identifying and prioritising investment opportunities and set out the criteria that the Board will use in making funding decisions.
The Green Climate Fund has approved its first 8 projects in the Fund Board’s first round of investment decisions in November and gives a good flavour of what the fund can do. The projects approved varies from a good mix of purposes like adaptation, mitigation, government, private etc.
The Board has developed criteria to prioritise investment decisions so that it can match its ‘paradigm shitfting’ level of ambitions.
Alberto Paniagua, CEO of PROFONANPE, the Peruvian Trust Fund for National Parks and Protected Areas suggested that good GCF projects should balance resource conservation with mitigation and adaptation measures. In order for projects to be more effective, he stressed the importance of building up experience.
Having been recently accredited by the Fund, Rwanda’s Minister of Natural Resources Vincent Biruta credited this significant achievement to the Ministry’s focus on environment and climate change at the heart of Rwanda’s development. The accreditation was also possible because Rwanda had identified its challenges, set specific goals, and put in place the frameworks.
Some panellists also spoke about the potential and importance of the GCF to reach their goals.
As a means of building resilience in face of threats to groundwater as a result of rising sea levels, Ambassador Amjad Abdullah of the Maldives explained how GCF-funded water management projects would provide safe and secure freshwater to the people in the northern atolls of Maldives.
Mexico’s first projects approved by the fund, elaborated by the Vice Minister of Environmental Policy and Planning Rudolfo Lacy Tamayo, through its pilot role within the Latin American and Caribbean energy efficiency green bond programme will go towards funds for small-scale energy efficiency projects for a wider range of investors.
The Fund, moving forward, will need to scale up its investments. It also stands ready to support the implementation of the INDCs and welcomes developing countries’ ambitious and effective projects to the Fund for the Board’s considerations.
Adapted from: http://www.greenclimate.fund/-/gcf-side-event-asks-what-makes-a-good-projec-2?inheritRedirect=true&redirect=%2Fhome