The Green Climate Fund will strike a 50:50 balance between climate change mitigation and adaptation over time as it will also aim for a floor of 50 percent of the adaptation allocation for particularly vulnerable nations – including least developed countries, small island developing states and African states.
These were among the issues taken during the recent sixth meeting of the 24-member GCF board in Bali Dusa Nua Convention Center, Bali, Indonesia, GCF Board Co-chair and Albay Gov. Joey Sarte Salceda said Monday.
The decisions taken up during the meeting ensure that the Fund can help developing countries cope with the devastating impacts of climate change and become more climate-resilient, Salceda added.
“We need to put in place essential requirements so that the developing world can access climate finance for scalable projects and investments, with a projected floor of 50 percent of initial adaption allocations being reserved for the most vulnerable countries,” he explained.
The Fund, the green economist said, will maximize engagement with the private sector, including a significant allocation to the Private Sector Facility, in order to provide incentives that encourage a paradigm shift to low-carbon development.
During the meeting, the board also decided that the Fund will be a leader on gender mainstreaming and will define its gender action plan in the October board meeting this year.
The Board also discussed additional key elements that will shape the Fund’s support for low‐carbon and climate‐resilient development: its result management framework, the risk management and investment frameworks, the accreditation framework and the proposal approval process.
During the three-day meetings, the Board members agreed on several key decisions that will shape the Fund’s work streams and activities as it moves forward.
In May, the Board aims to take key decisions on the remaining essential requirements that will allow the Fund to receive, manage, program and disburse funds.
The Board also mandated the GCF Secretariat to develop a comprehensive work program on readiness and preparatory support, which will stimulate developing countries to benefit from the Fund.
In one of the meetings’ dinners hosted by the Indonesian government, Vice‐Minister of Finance Bambang Brodjonegoro announced Indonesia’s pledge to contribute to the Fund.
“Indonesia also stands ready if all countries are required to contribute for the capital base of the Fund. I am hoping this contribution can support the Fund’s activities in helping developing countries to prepare and finance emission reduction and adaptation programs, including capacity-building programs under the South‐South cooperation that replicate the success stories of climate change programs in other countries. I do hope other more capable countries can consider making pledges, or adding to their pledges, or making an indication of their pledges during this Bali meeting,” the Indonesian official said.
The Board also decided that the Fund will manage access to resources with a view to seeking geographical balance and a reasonable and fair allocation across a broad range of countries, while maximizing the scale and transformational impact of the mitigation and adaptation activities of the Fund. [PNA]
The GCF is a new multilateral Fund that was created under the United Nations Framework Convention on Climate Change during a conference held in Cancun, Mexico.
It is designated as an operating entity of the Convention’s financial mechanism.
Its main objective is to make significant and ambitious contributions to the global efforts of limiting the warming to two degrees Celsius by providing support to developing countries to limit or reduce their greenhouse gas emissions and adapt to the impacts of climate change.
The Fund will be innovative and promote a paradigm shift to help developing countries transform to a low-emission and climate-resilient development path.
It will consider the needs of those developing countries that are particularly vulnerable to climate change impacts and will also help sustainable development goals. [PNA]
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