greenclimate.fund: GCF concludes final meeting for 2016, approves USD 315 million in funding
Apia, 16 Dec 2016
The first Green Climate Fund (GCF) Board meeting to be held in the Pacific, and the final for 2016, closed today having approved eight new funding proposals and accredited seven new partner entities.
The fifteenth meeting of the Board (B.15) approved the following projects and programmes valued together at USD 315.24 million:
USD 133 million for Catalyzing Private Investment in Sustainable Energy in Argentina with the Inter-American Development Bank (IDB);
An initial USD 17 million for the Pacific Islands Renewable Energy Investment Program with the Asia Development Bank (ADB), to begin with a project in the Cook Islands;
USD 28.2 million for Accelerating the Transformational Shift to a Low-Carbon Economy in the Republic of Mauritius with the United Nations Development Programme (UNDP);
USD 20 million for the Business Loan Programme for GHG Emissions Reduction in Mongolia with XacBank;
USD 57.7 million for Integrated Flood Management to Enhance Climate Resilience of the Vaisigano River Catchment in Samoa with UNDP;
USD 12.2 million for SCF Capital Solutions in South Africa with the Development Bank of South Africa (DBSA);
USD 24.1 million for Building Resilient Communities, Wetlands Ecosystems and Associated Catchments in Uganda with UNDP;
USD 23 million for Climate Information Services for Resilient Development in Vanuatu with the Secretariat of the Pacific Regional Environmental Programme (SPREP).
More than USD 1.3 billion in GCF resources was committed to funding proposals in 2016.
“This year has demonstrated that the Fund is rapidly gathering pace with regard to scaling up climate finance,” said Board Co-Chair Zaheer Fakir (South Africa). “I am proud of the progress we have made over the past 12 months in improving Fund performance and growing our portfolio of investments.”
Fellow Co-Chair Ewen McDonald (Australia) noted that B.15 was a significant marker for Pacific island countries.
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