The Green Climate Fund (GCF) was established in 2011 by consensus among the Parties to the UN Framework Convention on Climate Change (UNFCCC).
GCF is mandated to play a central role in mobilizing and channeling the financial resources required to enable a paradigm shift towards low-emission and climate- resilient pathways in developing countries. The objective of the GCF is to raise $USD 100 billion per year in climate financing by 2020. Currently the fund has been pledged $USD 10.3 billion.
The GCF will fund low-emission (mitigation) and climate- resilient (adaptation) projects and programmes that meet at least one of its 8 strategic objectives. Funding will be equally balanced between adaptation and mitigation. At least half of GCF resources for adaptation are targeted specially for countries like Vanuatu that are particularly vulnerable to the impacts of climate change. Both public and private sector projects will be funded.
Vanuatu’s national designated authority (NDA) or focal point for the GCF is Mrs Esline Garaebiti, Director General of the Ministry of Climate Change. The NDA is the core interface between Vanuatu and the Fund, ensuring that activities supported by the Fund align with strategic national objectives and priorities. The NDA also identifies and seeks accreditation of entities from public, private and non-governmental institutions operating at sub-national, national, regional and international levels that meet the Fund’s standards fiduciary standards and environmental and social safeguards.
GCF project proposal development involves three key stages: (i) GCF project identification, (ii) Concept Note development and (iii) Funding Proposal elaboration. This process can take up to 21 person-months.
Vanuatu is currently engaged in GCF Readiness which is intended enhance country ownership and access. The Government of Vanuatu is working closely with The German Agency for International Cooperation (GIZ) to undertake its major Readiness program from October 2016 through June 2018. The Vanuatu Readiness program will support the strengthening of the NDA by commencing national consultations and awareness on the GCF, priorities for Vanuatu and a program of strategic investment over the medium term. Vanuatu is also working to develop a SPREP project proposal on climate information services.
It is the strategic goal of the Government of Vanuatu to achieve direct access to climate finance by meeting the fiduciary and legal standards set by the GCF and other climate funds.
Vanuatu also access substantial climate finance resources from the Global Environment Facility Star (GEF), the GEF Least Developed Countries Fund (LDCF), the Adaptation Fund (AF), as well as from multi-lateral agencies and bilateral cooperation.
For more information on Vanuatu’s GCF program, contact the Secretariat of the National Advisory Board on Climate Change & Disaster Risk Reduction.