GCF continues rapid implementation with project agreements at Board meeting
The Green Climate Fund (GCF) and its partners have signed implementation agreements for three new initiatives to tackle climate change, only hours after they were approved by the GCF Board.
The three initiatives, among 13 climate projects given the green light by the GCF Board at its recent 30th meeting which set a USD 1.2 billion funding record, will enhance the climate resilience of the Federated States of Micronesia (FSM), Timor-Leste and Kenya.
FSM President David W. Panuelo welcomed the rapid moves to implementation, which will provide critical adaptation support to Micronesia: “I see how efficient the GCF is!” he stated during a ceremony on Friday to mark the signing of the Funding Activity Agreements.
“It is right and just that small, vulnerable Pacific Island nations like ours are able to empower local authorities,” the President continued. This GCF-approved climate project will help state and municipal governments, as well as local communities, “effectively plan and implement priority adaptation projects based on the actual impacts and needs at the local level,” he added.
The climate adaptation initiative will be implemented by the Micronesia Conservation Trust, and is the second GCF-funded climate project in FSM this year to be carried out by a “Direct Access” local body - as opposed to an international organisation.
During the signing ceremony, GCF Executive Director Yannick Glemarec said since GCF’s establishment the time taken to move projects to implementation has significantly reduced, thanks to both GCF’s improvement of its internal approval processes and the proactivity of its partners.
He added that moves to speed up the implementation of GCF finances is focused on helping SIDS and other highly vulnerable countries deal with the increasing urgency of the climate crisis. “They need to be able to access resources when we have only a few years to take action to avoid catastrophic climate change,” said Glemarec.
The other two implementation agreements signed during the ceremony lay the groundwork for
- Enhancing Early Warning Systems to build greater resilience to hydro-meteorological hazards in Timor-Leste and
- Enhancing community resilience and water security in the Upper Athi River Catchment Area of Kenya.
Also participating in the signing ceremony were Timor-Leste’s Secretary of State for the Environment Demétrio do Amaral de Carvalho; Kenya’s National Environment Management Authority (NEMA) Director General Mamo Boru Mamo; and UN Environment Programme (UNEP) Corporate Services Director Sonja Leighton-Kone.
GCF’s portfolio of climate finance projects now stands at USD 10 billion, comprising USD 37.2 billion including co-financing, following the 30th meeting of the GCF Board, which makes the final decisions on funding for climate action proposals. Just over half of the new climate projects are located in those countries most vulnerable to climate effects, namely SIDS, Least Developed Countries, and African States.