GCF workshop strengthens direct access to climate financeSongdo,
This is one of GCF’s most important events of the year, as it reflects the Fund’s country-driven focus on ensuring the climate projects it supports match local needs.
More than 100 participants have gathered at GCF’s headquarters in Songdo, Republic of Korea, for the four-day workshop. They include Direct Access Entities and National Designated Authorities (NDAs) or focal points.
The use of Direct Access Entities is a defining feature of GCF. It allows the national governments of developing countries to nominate these regional, national or subnational institutions to propose and implement GCF-approved climate projects. NDAs, or focal points, represent the national governments of developing countries interacting with GCF.
A major focus of the workshop will be on sharing ideas that generate paradigm-shifting GCF projects that help developing countries achieve their Nationally Determined Contributions (NDCs) under the Paris Agreement.
GCF staff will be on hand to provide advice on how Direct Access Entities can transform climate change mitigation and adaptation initiatives into GCF funding proposals. Workshop participants will also have the chance to share their own experiences in working with GCF and in dealing with the particular climate challenges they face.
The workshop will feature updates on GCF policies and programmes designed to assist Direct Access Entities. These include GCF’s readiness programme, the Project Preparation Facility, Simplified Approval Process, and Enhanced Direct Access.
Information sessions will also address recent developments in GCF’s approach to environmental and social safeguards and Indigenous Peoples - following the approval of two policies at the most recent GCF Board meeting in February this year.
A major purpose of the Empowering Direct Access workshop is to help GCF explore ways it can strengthen the role of these key, country-driven organisations in climate finance.
GCF has made progress in this area. Numbering 32, over half of GCF’s Accredited Entities are now Direct Access Entities.