Consensus to approve Green Climate Fund projects by the end of the year
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Two organizations, AIDA and GFLAC, held a webinar to learn about the fund's activities this year. Developing countries expect rapid action to implement mitigation and adaptation programs.
What will be the job of the Green Climate Fund (GCF) during 2015, when will the projects to be subsidized by this fund be launched? To answer these and other questions, the Interamerican Association for Environmental Defense (AIDA) and the Climate Finance Group for Latin America and the Caribbean (GFLAC) held a few days ago the virtual seminar “The Green Climate Fund already has financial resources: what are the next steps?”.
The event was attended by Andrés Mogro, specialist in International Climate Change Negotiations of the Ministry of Environment of Ecuador and advisor to the GCF; Mirko Serkovic, of the Ministry of Environment of Peru; Marcela Jaramillo, advisor to the International Climate Finance Program of E3G; and Andrea Rodriguez, lawyer of the Climate Change Program of AIDA. They discussed the GCF's challenges and the agenda for the next Board of Directors meeting, to be held in Songdo (South Korea) from tomorrow to Thursday 26th.
Andrea Rodriguez said that 2015 is a very important year for the GCF, since the official delivery of resources for projects and programs will be made, the implementing and intermediary entities will be accredited and the meeting will be held in Songdo where accreditation, approval of proposals and investment framework, cross-cutting and institutional issues will be discussed.
“In Songdo, access for accredited entities will have to be improved in order for them to receive GCF resources,” he said.
FVC accreditation levels:
In turn, Mirko Serkovic indicated that the GCF Board of Directors held an informal meeting in which there was a frank exchange among the different members and the main conclusion was that there is a collective consensus to approve the projects by the end of this year and to evaluate the possible gaps that need to be improved.
Andrés Mogro indicated that there are currently two levels of accreditation in the GCF.
“First, there are the designated national authorities or focal points that will be the national authorities within each country and are responsible for maintaining communications between the secretariat of the fund and the actors. At the second level, accreditation will be given to the implementing entities that will work with the GCF,” he added. He also said that each of the decisions that are on the board are important but there are others that are more crucial, such as accreditations.
“We have seven entities that have proposed accreditation and the suggestion is that they be accredited. We have a national entity from a least developed country in Africa, an environmental fund in Latin America and the Caribbean, a regional entity in Asia Pacific, an SME investment fund in Asia Pacific, and three international organizations that are related to sustainable development issues. The accreditation of these entities means a lot, at least for developing countries, which expect to move faster with the fund because it means that these are the entities with which we are going to start working on projects,” she said. Marcela Jaramillo said that there are four objectives in the initial investment of the GCF, which are:
- Make it as clear as possible to countries, accredited entities, project developers and other interested parties what type of projects or programs the fund seeks to finance.
- Efficiently support the preparation of projects and programs to be presented to the fund.
- Enable the Technical Assessment Panel (TAP) and the GCF Secretariat to make comparable assessments in an open and transparent manner.
- Provide clarity to the Board on the basis used by the Secretariat and TAP to provide recommendations to the Board on funding decisions.
He added that the GCF will not “crowd out” possible funding from other public and private sources.
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