Antigua and Barbuda
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.
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