GCF’s board   approved 13 new partners
Mar14

GCF’s board approved 13 new partners

The  board of the Green Climate Fund ( GCF)   approved 13 new partners , last week, during a two day meeting in Songdo, South Korea.  Greening their portfolios These 13 institutions are partly governments, international organizations,  and there are also private  banks such as Credit Agricole and HSBC. Prior to the Board’s twelfth meeting, 170 civil societies raised objection to the approval of these banks.  Civil societies criticised these banks for being involved in mismanagement scandals, and for   investing largely in fossil fuels. For the GCF,  the partnership with the banks and others institutions  means that they will demonstrate  that they are committed to greening their portfolios. The newly approved institutions  are: Agency for Agricultural Development of Morocco (ADA); Ministry of Finance and Economic Cooperation of the Federal Republic of Ethiopia (MOFEC); National Environment Management Authority of Kenya (NEMA); Development Bank of Southern Africa (DBSA); Credit Agricole Corporate and Investment Bank (Crédit Agricole CIB); HSBC Holdings plc and its subsidiaries (HSBC); African Development Bank (AfDB); European Investment Bank (EIB); International Finance Corporation (IFC); Unidad Para el Cambio Rural from Argentina (Unit for Rural Change – UCAR); International Union for Conservation of Nature (IUCN); World Food Programme (WFP); and World Meteorological Organization (WMO). GCF’s first strategic plan 33 entities are now authorized to partner with GCF and implement its projects and programmes. With $10.3 billion,  GCF’s current pipeline includes 22 private and public projects with a total value of over USD 5 billion. In the meeting in South Corea, the board adopted a first strategic plan, which sets out GCF’s vision, operational priorities, and an action plan to be implemented by 2018. This strategic plan aims to scale the fund resources in an ambitious and country driver manner. “We have adopted the strategies and policies we urgently needed to evaluate existing funding proposals,” says, in a GCF press release, Zaheer Fakir, Co-Chair from South Africa. During the board meeting in South Corea, procedural decisions were taken to boost the Secretariat’s staffing from its current 56 permanent staff to 100 by the end of 2016, and 140 by the end of 2017.   The Board approved also an  USD 1.5 million for Rwanda as the first grant under the Fund’s Project Preparation Facility (PPF), an innovative instrument to support developing countries to generate high-quality projects, according to the GCF press release . It has also been announced that 13 countries under the Fund’s readiness and preparatory support programme will receive USD 11.2 million, following a grant agreement formerly signed with these countries. During the meeting, the United States informed the Board that it completed arrangements to transfer USD 500 million to the GCF as...

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