What is Green Climate Fund?
The Green Climate Fund (GCF) was established by 194 governments to reduce greenhouse gas emissions in developing countries and to help adapt vulnerable societies to the unavoidable impacts of climate change.
GCF is a fund within the framework of the UNFCCC. It was first mentioned in the Copenhagen Accord in 2009 and was formally established one year later during the COP16 held in Cancun, Mexico. In 2011 the GCF adopted its governing instrument, in which it recognised its objective to “promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to reduce their greenhouse gas emissions and to adapt to the impacts of climate change”. The GCF head office is based in the new Songdo District of Incheon, South Korea.
With a mission to advance the goal of keeping the temperature increase on our planet below 2 degrees Celsius, the Fund is a unique global initiative to respond to climate change by investing into low-emission and climate-resilient development. Given the urgency and seriousness of the challenge, the Fund is mandated to make an ambitious contribution to the united global response to climate change.
Government creating conducive environment for GCF to come in.
Papua New Guinea will greatly benefit from this fund to support its country-driven climate change adaptation and mitigation programs and at the same time achieve its ambitious goal of reducing greenhouse gas emission by 50 percent in 2030 and be carbon neutral by 2050.
The PNG Government through the Climate Change and Development Authority (CCDA) as it’s National Designated Authority (NDA) will coordinate the process in-country with assistance from a delivery partner.
As a NDA, CCDA is able to effectively access and deploy resources from GCF under its initial readiness and preparatory activities to enhance country ownership and access. This “country readiness” funding is a dedicated and cross-cutting programme that maximizes the effectiveness of the Fund to empowering the PNG Government.
CCDA is now in the process to select a delivery partner who have the resources and capacity to roll out the program.
At the same time, the Government is also looking at the possibility of the NDA in improving its governance structure and internal finance management system to access direct GCF funding. The Authority aims to establish a strong financial management system which meets GCF’s fiduciary requirements and standards so that climate finance can be accessed directly in PNG.
Prime Minister Honourable Peter O’Neil CMG, MP had already met with the GCF Chairman Mr. Ewen McDonald and his officials in Port Moresby in April, 2017 to discuss the Government’s needs for finance and capacity building to enable PNG to implement its obligations under the Paris Climate Change Agreement.
A number of workshops have already been organised by GCF to reach out to PNG to establish relations on capacity-building assistance as the process will be country-driven and coordinated by the DNA and its partners and to enable stakeholders to understand the GCF process and the role of accredited entities.
The workshops also informed stakeholders on how the GCF board in their decision-making processes take into consideration PNG’s priority needs as per the country’s strategies, policies and legislative framework and also gave an opportunity to help in identifying and understanding the different scales of finances available within GCF.
We will continue to update you on any new developments on GCF activities in the country.