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Innovative finance

A thought-provoking session at the GCF pavilion today explored how the private sector can mobilise capital to help developing countries deal with climate change. "We need innovation both in finance, technology and thinking to accelerate our response to climate change," Ayaan Adam, Director of GCF's Private Sector Facility, told the audience of the Innovative Finance session. Panellists and the audience discussed how to unlock private sector finances to generate the trillions of dollars needed to reduce emissions and make societies more climate resilient.

GCF accelerates project implementation at COP

GCF continued to use its presence at COP24 to drive climate action on the ground with its climate finance partners. This morning, it signed an agreement with Moroccan-based corporate and investment bank CDG Capital to enable this Direct Access Entity to begin proposing projects to receive GCF financing. In the evening, it set in place the legal framework to begin passing funds to Rwanda's Ministry of Environment in a project that will increase the climate resilience of farmers.

GEF-GCF event focuses on breaking silos for climate action

Naoko Ishii, CEO of the Global Environment Facility, stressed the importance of a system-based approach, and of breaking silos to fight climate change at a joint meeting with GCF at COP24. Javier Manzanares, GCF Executive Director a.i. identified three priorities for common action with GEF: scaling up projects, encouraging direct access, and developing country programmes. The need for cooperation was emphasised by Carlos Manuel Rodriguez, Minister of Environment and Energy of Costa Rica, who stated that the two funds are the way forward in Costa Rica, and need to work together.

Simplified Approval Process: promoting access to GCF resources

GCF’s event on the Simplified Approval Process (SAP) featured contributions from Ambassador Feturi - known as the champion of the process for his role in its development, as well as from the Rwandan Ministry of Environment, the Cook Islands, and the Environmental Investment Fund of Namibia - a GCF accredited entity which brought the first SAP project to be approved by the GCF Board.

Not just buildings! Climate resilient infrastructure debate stresses need for broad approach

Climate-resilient infrastructure is not just about concrete buildings, but also includes the "soft" infrastructure of social welfare: this was one of the key messages of a climate-resilient integrated infrastructure event hosted by GCF at COP24 today. Iñigo Ruiz-Apilanez, a civil engineer with engineering consultancy Arup, told participants that an effective adaptation approach requires considering social stresses, such as differences in incomes and who owns climate-impacted land. Lia Nicholson, a government project expert from Antigua and Barbuda, warned nations will increasingly face climate impacts such as in her country, which was hit by a category 5 hurricane last year after a three-year drought.

Science provides rationale for rational climate action

Strong science lies at the cornerstone of all effective climate action, participants heard at a GCF event held on the sidelines of COP24. Maxx Dilley, the WMO's climate prediction and adaptation director, said that a reliance on scientific evidence extends beyond providing early warning of climate disasters. Energy investments need to account for wind speeds and solar radiation, while agricultural climate projects should measure soil moisture, he said. Pa Ousman Jarju, Director of GCF's Country Programming Division, said that GCF readiness funding is available to help developing countries plan climate projects around the latest in scientific evidence.

Armenia grants P&Is to GCF

Armenia today signed a Privileges and Immunities agreement with GCF. Erik Gregoryan, Armenian Acting Minister of Nature Protection, signed the agreement with GCF Executive Director a.i. Javier Manzanares in the margins of COP24. The agreement, which is in line with those of other international organisations, will protect GCF's assets and ensure the effective performance of the Fund's activities. Signing such agreements was recommended in a decision of the COP for parties to the UNFCCC.

GCF leader says climate finance needs to consider risk and opportunity

Speaking at the Ministerial dialogue on climate finance, GCF Executive Director a.i. Javier Manzanares said that effective climate finance requires close collaboration with developing countries to identify climate risks and opportunities. He stressed that GCF can help developing countries translate their Nationally Determined Contributions into investment plans and bankable projects, and that the GCF Readiness programme helps build the capacity of developing countries to come up with climate projects that best match national conditions.

Norway announces doubling of support as GCF outlines contribution to global stocktake

Norway announced today that will double its contribution to GCF as part of the Fund’s replenishment. At the same Ministerial session on global stocktaking, GCF Executive Director a.i. Javier Manzanares outlined the GCF's contribution to global efforts on climate change over the past five years, noting that at the time of the last COP meeting in Poland (COP19) GCF had been just "an aspiration," but that it was now delivering results on the ground. Grenada emphasised that ongoing GCF support is critical to the country and other SIDS, and commended Germany and Norway for showing leadership in supporting the early stages of GCF’s current replenishment drive.

The role of the banking sector in the fight against climate change

GCF hosted an event on green banking and the overall role that the banking sector can play in addressing climate change at the sidelines of COP24 in Katowice. Speakers from EBRD, IFC, UNFCCC, RMI and the Green Investment Group agreed that the sector has potential for substantial impact in driving decarbonisation of the economy, but the fit for purpose regulatory environment should be in place. Alzbeta Klein, Director of Climate Business Department at IFC, recognised recent positive developments of including climate change as an important element of banking supervision.

GCF 101 series provides introduction to the Fund

The GCF 101 briefing series, aimed at introducing the core elements of GCF programmes and activities is gaining popularity at COP24. This, as more people express eagerness in gaining a better understanding of how the Fund operates and how to engage with it. Today, GCF colleagues hosted three 101 sessions, focusing on Readiness, Privileges & Immunities and overall GCF operations. The schedule of next 101 sessions are listed in the COP24 section.

Evaluation of the GCF Result Management Framework

A discussion on the evaluation of GCF's Result Management Framework (RMF) was held today in the sidelines of COP24. Jo Puri, Head of GCF's Independent Evaluation Unit (IEU), provided a review of mechanisms and tools to measure the impacts of GCF's climate activities, focusing on how the Fund can learn and strengthen its frameworks. GCF Senior Monitoring and Evaluation Specialist Rajib Ghosal discussed how GCF has been conducting a comparative analysis of other measurement tools and criteria to update the performance measurement framework. External perspectives were provided by EBRD, UNDP, the UK's BEIS, as well as CCAP - who conducted its own analysis of the RMF.

IEU holds event on performance review of GCF

The Independent Evaluation Unit of GCF today hosted a panel discussion on its review of GCF. Jo Puri, Head of the IEU, provided an overview of the key elements and processes of the upcoming review, which was mandated by the GCF Board last October. GCF Board Member Karma Tshering provided his perspectives on the opportunities of the review in helping GCF become more efficient.

First GCF side event at COP24

In GCF's first COP24 side event "GCF Operations update and lessons emerging from ongoing evaluations" today, GCF Director of Country Programming Pa Ousman Jarju provided an update of GCF operations and presented the revamped GCF Readiness programme, known as Readiness 2.0. The new programme was strongly welcomed by AEs, NDAs and readiness partners speaking at the event. Margaret Kim of GGGI said Readiness 2.0 is a great step forward and emphasised that GCF should continue its work promoting direct access and involving private sector.

Introduction to GCF Accreditation

Getting accredited is the first step for an organisation to access GCF funding. Responding to great interest from various entities about the accreditation process, GCF held a briefing session on "Accreditation 101" in its COP24 pavilion today. Anupa Rimal Lamichhane, GCF Entity Relations Specialist, introduced the participants to each of the steps of the accreditation process, required standards and safeguards.

Independent Integrity Unit hosts 2018 Integrity Forum

The Independent Integrity Unit (IIU) of GCF spearheaded the inaugural Integrity Forum in celebration of International Anti-Corruption Day. Panel members from both IIU and the GCF Secretariat, specifically from Human Resources and the Ombudsperson, shared their respective roles and mandates in upholding GCF integrity standards and reaffirmed GCF's commitment to the lawful utilisation of its resources and promotion of a respectful workplace. GCF joins the international community in its efforts to combat corruption while maximising climate action.

GCF to cooperate with UNIDO

GCF and the United Nations Industrial Development Organization (UNIDO) signed today a Readiness Framework Agreement to enable developing countries to partner with UNIDO on activities enhancing their access to GCF. As a GCF Readiness delivery partner, UNIDO will engage through national stakeholders to develop GCF Readiness Projects in a number of sustainable energy and climate change areas.

Empowering Direct Access to Climate Finance

At COP24, GCF held its first event in its pavilion, focusing on direct access to climate finance. The panel discussion, organised together with the Adaptation Fund, included speakers from Direct Access Entities, National Designated Authorities and GCF. Direct Access is crucial for developing countries to fully exercise country ownership of climate change funding. Participants shared their experience in the field, exchange best practices and discussed the ways to further support direct access and promote country ownership.

Getting ready for Katowice

GCF will be attending COP24 in Katowice, Poland from 2-14 December. We look forward to welcoming you to the GCF pavilion, located in Zone E of the venue. At the pavilion we will be hosting a series of events, panel discussions, and 'GCF 101' briefings. GCF was created by the parties to the UNFCCC, and reports on our progress each year at the annual COP climate conference. We look forward to meeting you in Katowice, and to hearing your views about how we can have a greater impact in supporting developing country climate ambitions.

GCF Structured Dialogue with Least Developed Countries kicks off this week

The GCF Structured Dialogue with Least Developed Countries (LDCs) will take place this week (19-22 November) in Addis Ababa, Ethiopia. The event is an opportunity to accelerate and strengthen GCF engagement with countries and stakeholders in the LDCs, who are some of the most vulnerable to the adverse effects of climate change. The Structured Dialogue will bring together representatives from National Designated Authorities (NDAs), Focal Points (FPs), Accredited Entities (AEs) as well as other stakeholders. The event is organized in collaboration with the Government of Ethiopia and the Least Developed Countries' constituency under the UNFCCC.