FP149

Green Climate Financing Facility for Local Financial Institutions in Latin-America

Green Climate Financing Facility for Local Financial Institutions in Latin-America

  • Status Under implementation
  • Date approved 13 Nov 2020 at B.27
  • Est. completion 29 Sep 2027
  • ESS Category Intermediation 2

The energy and land use sectors are responsible for the majority of greenhouse gas emissions in many Latin American countries. It is estimated that approximately 40% of GHG emissions are from the agriculture, forestry and other land use sectors. Emissions from the energy sector vary substantially from country to country, yet the region’s reliance on fossil fuels and growing energy needs imply that without the adoption of clean energy technologies, the sector will continue to contribute to increasing GHG emissions in the region. Investments in renewable and energy efficient technologies, along with sustainable land use practices have been identified as effective investments for climate change mitigation, yet their adoption is limited due to the lack of finance from local financial institutions (LFIs). 

The core objective of the Programme is to reduce GHG emissions in Latin America by 10.7 million tonnes of carbon dioxide equivalent (MtCO₂eq) in emissions, through locally financed and developed climate change projects for MSMEs in the renewable energy, energy efficiency and land use sectors. The Programme will provide LFIs with access to a green finance credit line. It will also implement four grant-funded sub-components with a focus on education, awareness raising and technical support. This includes matchmaking between LFIs, technology service providers, and solution providers (e.g., MSMEs and farmers), performance-based payments for solution providers, technical support and capacity building, and monitoring and reporting.  

Total project value

 

Tonnes of emissions avoided

 

Theme

Mitigation

Result areas

Project timeline

Pipeline

11 Mar 2017 - 1344 days

Concept note received

11 Mar 2017

Funding proposal received

19 Jul 2018

Cleared by GCF Secretariat

29 Nov 2018

Cleared by iTAP

19 Oct 2020

Approved

13 Nov 2020 - 686 days

Approved by GCF Board

13 Nov 2020

Legal opinion on AE's Internal Approval

09 Jul 2021

FAA executed

01 Jul 2022

Under implementation

29 Sep 2022 - 654 days so far

FAA effective

29 Sep 2022

Disbursement - USD 1,177,860

07 Aug 2023

To be completed

29 Sep 2027 - 1,173 days to go

One region

  • Latin America and the Caribbean

Four countries

USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing1% disbursed

InstrumentAmount
LoanUSD 95,000,000
GrantUSD 5,000,000
Total GCF Financing
USD 100,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingLoanUSD 50,000,000
Co-FinancingGrantUSD 200,000
Total Co-Financing
USD 50,200,000

GCF Contacts

General media inquiries

GCF Communications
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GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6714 (KST)
Send e-mail

Accredited Entity

Corporación Andina de Fomento
Mr. Ignacio Lorenzo
Primary

Climate Action and Positive Biodiversity, Director
Ciudadela 1235, Montevideo, Uruguay
Phone +598 (2) 917- 3111
ilorenzo@caf.com
Ms. Maria Moreno Cordoba
Secondary

Climate Action and Positive Biodiversity, Principal Executive
Carrera 9 No 76-49, Edificio ING, piso 7, Bogotá, Colombia
Phone +57 (1) 744-9444
mmoreno@caf.com
More contacts

National Designated Authority

Chile
Ministry of Finance
Ms. Heidi Berner Primary
Undersecretary of Finance
Teatinos 120, Santiago, Chile
Phone +56 28282007
hberner@hacienda.gov.cl
Mr. Jaime Tramon Secondary
Senior Advisor, Financial and International Affairs
Teatinos 120, Santiago, Chile
Phone +56 2 28282216
jtramon@hacienda.gov.cl
Ecuador
Ministry of Environment, Water and Ecological Transition
Mr. Ángel Sandoval Primary
Undersecretary of Climate Change
Av. Madrid 1159 y Andalucía, Quito, Ecuador
Panama
Ministry of Environment
His Excellency Milciades Concepción Primary
Minister of Environment
Diego Dominguez Street, Building 804 Albrook, Ancón, Panama City, Panama
Phone (+ 507) 500-0802
mconcepcion@miambiente.gob.pa
Ms. Ligia Castro de Doens Secondary
Operational Focal Point, Advisor to the Minister and Director of Climate Change
Diego Dominguez Street, Building 804 Albrook, Ancón, Panama City, Panama
Phone (+507) 500-0802
lcastrod@miambiente.gob.pa
Ms. Mirthia Gonzalez Tertiary
Technical Focal Point; Climate Change Analyst and Planner
Diego Dominguez Street, Building 804 Albrook, Ancón, Panama City, Panama
Phone (+507) 500-0802
mgonzalez@miambiente.gob.pa
Peru
Ministry of Economy and Finance
Mr. Jose Alfredo La Rosa Basurco Primary
General Director, General Directorate of International Economic Affairs, Competition and Productivity
Jr. Lampa N° 277 - Cercado de Lima,, Lima, Peru
Phone +(511) 311 5930
jlarosa@mef.gob.pe