Climate Change: The New Evolutionary Challenge for the Galapagos

  • Cross-cutting
  • Under implementation
Date approved
19 May 2022
ESS Category
Category A
Financing
Public sector
Entity
Corporación Andina de Fomento

Overview

Life in the Galapagos Islands is at risk because of climate change. Extreme weather events, warming lands and ocean, and sea level rise threaten the archipelago’s farming and fishing communities, as well as its rich marine and terrestrial ecosystems. Furthermore, energy generation in the Galapagos heavily relies on imported fossil fuels and inefficient power grids, increasing the carbon footprint in its agriculture, fisheries, and tourism sectors.

To help establish a sustainable and self-sufficient island system, this project aims to strengthen local communities through the rehabilitation of ecosystems and the promotion of climate-smart agriculture and tourism practices. This project will also assist the establishment of the Conolophus local power plant and de-risk investments for decentralised renewable energy sources, reducing overall energy dependence on imported diesel.

To maintain climate resilience and low emission measures, the project will also mainstream climate change in regulatory frameworks and planning instruments, including the establishment of an ecotourism certification scheme and educational curricula for climate knowledge among local citizens.

Result areas

Project timeline

  • Pipeline

    1,094 days

    • Concept note received

    • Funding proposal received

    • Cleared by GCF Secretariat

    • Cleared by iTAP

  • Approved

    1,135 days

    • Approved by GCF Board

    • Legal opinion on AE's Internal Approval

    • FAA executed

  • Under implementation

    355 days so far

    • FAA effective

  • To be completed

    Not started

  • Total project value $ 118 million

  • Tonnes of CO2 equivalent avoided 584 thousand

  • Total number of beneficiaries 568 thousand

Financing

GCF-financing

0.0%

USD

Co-financing

0.0%

USD

USD 118 million

Show details

GCF-financing

  • Loan USD 20,000,000
  • Grant USD 34,730,152.76
  • Loan USD 10,541,146.19
  • Total GCF-financing USD 65,271,298.95

Co-financing

  • Loan USD 30,231,919.79
  • Grant USD 210,000
  • Equity USD 18,000,000
  • Equity USD 3,882,339.46
  • Total co-financing USD 52,324,259.25

Documents

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