FP223

Project GAIA ("GAIA")

Project GAIA ("GAIA")

In the past two decades, there has been an 83 per cent global increase in the frequency of major climate-related disasters, such as floods, droughts, heatwaves, and violent maritime weather. Low- and middle-income economies bear the heaviest burden related to these events. Yet climate adaptation investments in the most vulnerable, least prepared states are often too few and too far between to meet their adaptation needs. The estimated annual cost of adaptation in these countries is expected to reach as much as 500 billion per year in 2050. To meet the adaptation needs of the most vulnerable countries, public and private financiers have to work together in investment partnerships. This is the driving force behind Project GAIA.   

Project GAIA will establish a blended finance platform that offers long-term loans for climate adaptation and mitigation investments in 19 of the most climate vulnerable countries in the world - making funding accessible through sources previously unattainable to participating countries. To answer to the immediate needs of developing countries, the platform allocates 70 per cent of its portfolio investments towards adaptation projects; with a further allocation of 25 per cent for Least Developed Countries and Small Island Developing States, ensuring that funding reaches the most climate vulnerable communities. The project targets countries facing similar challenges in accessing climate finance for their pipeline of high-impact adaptation projects.

Total project value

 

Tonnes of emissions avoided

 

Beneficiaries

 

Direct
6,490,000
Indirect
12,980,000
Theme

Cross-cutting

Result areas

Project timeline

Pipeline

21 Feb 2022 - 612 days

Concept note received

21 Feb 2022

Funding proposal received

16 Jun 2022

Legal opinion on AE's Internal Approval

26 Oct 2022

Cleared by GCF Secretariat

08 Dec 2022

Cleared by iTAP

02 Oct 2023

Approved

25 Oct 2023 - 211 days so far

Approved by GCF Board

25 Oct 2023

Under implementation

To be completed

Three regions

  • Latin America and the Caribbean
  • Africa
  • Asia-Pacific

Nineteen countries

Three priority groups

  • Least Developed Countries
  • Small Island Developing States
  • African States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
EquityUSD 152,500,000
Total GCF Financing
USD 152,500,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingLoanUSD 295,000,000
Co-FinancingLoanUSD 75,000,000
Co-FinancingLoanUSD 25,000,000
Co-FinancingEquityUSD 70,000,000
Co-FinancingLoanUSD 775,000,000
Co-FinancingEquityUSD 65,000,000
Co-FinancingEquityUSD 25,000,000
Total Co-Financing
USD 1,330,000,000

GCF Contacts

General media inquiries

GCF Communications
Send e-mail

Request for information

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

MUFG Bank, Ltd
Ms. Atsuko Nuibe
Primary

Director, Sustainable Business Division
2-7-1, Marunouchi, Chiyoda-ku, Tokyo, Japan
Phone +81-3-3240-8186
MUFG_GCF_PF@mufg.jp
More contacts

National Designated Authority

Barbados
Economic Affairs and Investment Division Ministry of Finance, Economic Affairs and Investment
Senator the Honourable Chad Blackman Primary
Minister in the Ministry of Finance, Economic Affairs and Investment (Economic Affairs and Investment Division)
3rd Floor East, Warrens Office Complex Warrens, St Michael, Barbados
Phone 1 246 535-1302/1 246 535-1317
chad.blackman@barbados.gov.bb
Mrs. Betty Alleyne-Headley Secondary
Permanent Secretary, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
3rd Floor East, Warrens Office Complex, Warrens St. Michael, St. Michael, Barbados
Phone 535-1304/535-1326
Betty.Alleyne-Headley@barbados.gov.bb
Mr. Ricardo Marshall Operational focal point
Director, Roofs to Reefs Programme (R2RP), Prime Minister’s Office
Government Headquarters Bay Street St. Michael, Barbados
Mr. Ronnie Griffith Operational focal point
Chief Economist, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Ms. Richelle Gaskin Operational focal point
Economist I, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Ms. Sharifa Roach-Vaughan Operational focal point
Secretary to the Minister, Economic Affairs and Investment Division, Ministry of Finance, Economic Affairs and Investment
Benin
Ministry of Living Environment and Sustainable Development
Mr. Martin Aïna Primary
Director General, Division of Climate Change
01 BP 3502 - 01 BP 3621, Cotonou, Benin
Phone +229 96613936
maina@gouv.bj
marnickson@yahoo.fr
Mr. Théodore Domingo Secondary
01 BP 3502 - 01 BP 3621, Cotonou, Benin
Phone +229 97764297
stheodorecossi@yahoo.fr
Costa Rica
Ministry of Environment and Energy
Mr. Carlos Isaac Pérez Mejía Primary
Vice-minister of Strategic Affairs
Calle 25. Av. 8-10, San Jose, Costa Rica
Ms. Enid Chaverri Tapia Primary
International Cooperation Director
Calle 25. Av. 8-10, San Jose, Costa Rica
Phone (506) 8307-8679
echaverri@minae.go.cr
Ms. Patricia Campos Mesén Secondary
International Cooperation Officer
Calle 25. Av. 8-10, San José, Costa Rica
Phone (506) 8346-1513
pcampos@minae.go.cr
Côte d'Ivoire
Minister's Office, Ministry of Environment and Sustainable Development
Mr. Marcel YAO Primary
Public Policy, Climate Change and Ecological Transition Expert / Technical Advisor to the Minister in charge of International Cooperation and Resource Mobilization
Cite Administrative, Plateau, Tour D, 10eme etage - 20 BP 650 Abidjan 20, Abidjan, Cote d'Ivoire
Phone (225) 0707791504 / 2720239900
ensamarcel@yahoo.fr
yaomarcelclimat@gmail.com
Mr. Kouadio Philippe Secondary
Deputy Director of Climate Change
Cite Administrative, Plateau, Tour D, 10eme etage - 20 BP 650 Abidjan 20, Cote d'Ivoire
Dominican Republic (the)
Ministry of Environment and Natural Resources
Ms. Milagros De Camps German Primary
Deputy Minister of International Cooperation
Avenida Cayetano Germosén esq. Avenida Gregorio Luperón, Ensanche El Pedregal, Santo Domingo, Distrito Nacional, Dominican Republic (the)
Ghana
Ministry of Finance
Dr. Alhassan Iddrisu Primary
Director of Economic Strategy and Research Division
P.O. Box MB 40 Ministries, Accra, Ghana
Guatemala
Ministry of Environment and Natural Resources
Her Excellency María José Iturbide Flores Primary
Minister
7 Avenida 03-67 Zona 13, Guatemala City, Guatemala
Ms. Anna Cristina Bailey Hernández Primary
Vice Minister of Natural Resources and Climate Change
7 Avenida 03-67 Zona 13, Guatemala City, Guatemala
Ms. Lourdes María Fernández Balconi Secondary
Head of International Cooperation Unit
7 Avenida 03-67 Zona 13, Guatemala City, Guatemala
India
Ministry of Environment, Forests and Climate Change
Ms. Rajasree Ray Primary
Economic Advisor
Indira Paryavaran Bhavan, Jor Bagh Road, New Delhi-110003, New Delhi, India
Phone 011-2081-9197
rajasree.r@nic.in
Indonesia
Fiscal Policy Agency, Ministry of Finance
Mr. Febrio Kacaribu Primary
Chairman of Fiscal Policy Agency, Ministry of Finance
R.M. Notohamiprodjo Building 2nd Floor, Jalan Dr. Wahidin Raya No. 1, Jakarta, Indonesia
Phone +62 21 3441 484
ndagcf-indonesia@kemenkeu.go.id
Mr. Boby Hernawan Secondary
Director of Center for Climate Finance and Multilateral Policy/Head of the NDA Secretariat
R.M. Notohamiprodjo Building 5th Floor, Jalan Dr. Wahidin Raya No. 1, Jakarta, Indonesia
Phone +62 21 3483 1678
ndagcf-indonesia@kemenkeu.go.id
Jamaica
Ministry of Economic Growth and Job Creation (MEGJC)
Mr. Omar Alcock Primary
Senior Technical Officer
Phone 1 (876) 423-4154
omar.alcock@megjc.gov.jm
Ms. Schmoi McLean Secondary
Programme Coordination, Monitoring and Evaluation Officer
Phone 1 (876) 561-8775
Schmoi.mclean@megjc.gov.jm
Kenya
The National Treasury
Dr Chris Kiptoo Primary
Principal Secretary
Treasury Building 12th Floor, Harambee Avenue, Nairobi, Kenya
Phone +254 20 224 0051
pstnt@treasury.go.ke
Mr. Malik Aman Secondary
Programme Manager, National Coordination (FLLoCA)
Phone +254 720 771774
malikaman@me.com
Mr. Peter Odhengo Secondary
Senior Policy Advisor, Climate Finance
Phone +254 722 984 992
odhengo@gmail.com
Mr. Hillary Korir Secondary
Senior Economist
Phone +254 722 644736
hillary.korir@treasury.go.ke
Mauritius
Ministry of Finance and Economic Development
Mr. Visvanaden Soondram Primary
Deputy Financial Secretary
Government Centre, Port Louis, Mauritius
Phone 230-260-081
vsoondram@govmu.org
Mrs. Usha Beegun-Ramduny Secondary
Lead Analyst, Resource Mobilisation Cluster
Phone 230 260 1348
ubeegun-ramduny@govmu.org
Mongolia
Ministry of Environment and Tourism
Ms. Choikhand Janchivlamdan Primary
15160 Government building 2, United Nation's street 5/2, Chingeltei district, Ulaanbaatar, Mongolia
Morocco
Ministry of Energy Transition and Sustainable Development- Department of Sustainable Development
Mr. Bouzekri Razi Primary
Director of Climate Change, Biodiversity, and Green Economy
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
Philippines (the)
Department of Finance
Secretary Ralph Recto Primary
Secretary
Mr. Joven Balbosa Primary
Undersecretary, International Finance Group
Phone +63 2 8523-4955
jbalbosa@dof.gov.ph
Ms. Carlyn Diaz Operational focal point
Tanzania
Vice President's Office
Ms. Mary Maganga Primary
Permanent Secretary
P.O.Box 2502, Dodoma, Tanzania
Freddy Manyika Secondary
Togo
Directorate of Environment, Ministry of Environment
Ms. Méry YAOU Primary
Director of Environment
240 rue des Nîmes Lomé - Togo -, Lomé, Togo
Phone (+228) 22 21 51 97/90148744
Phone (+228) 90148744
ymery69@yahoo.fr
fondverttogo@grnail.com
Mr. Komi Sossou SOSSOU Secondary
Environmentalist, head of planning unit
240 rue des Nîmes Lomé - Togo, Lomé, Togo

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