Regional Green Climate Fund Financing Dialogue Underway In Tonga

Seven project totally more than $250 million have been approved

NUKU‘ALOFA, Tonga (Matangi Tonga, July 18, 2017) – A Green Climate Fund (GCF) Pacific Structured Dialogue is being held in Nuku’alofa from July 18-21, to help Pacific countries access climate financing.

This fund was established in 2010 to finance climate change projects and programs that help developing countries adapt to climate impacts and reduce greenhouse gas emissions, with GCF approving USD2.2 billion for 43 projects and programs to date.

GCF stated the Pacific region has made strong progress, with seven projects totaling more than USD250 million approved for the Cook Islands, Fiji, Papua New Guinea, Samoa, Solomon Islands, Tuvalu and Vanuatu.

These projects will involve building the region’s resilience to climate impacts and tapping the potential for renewable energy and energy efficiency solutions.

A number of these proposals originated directly from the Pacific GCF Roadmap agreed by participants of the Pacific Structured Dialogue in July 2016 in Suva. The Roadmap outlined a pipeline of project concepts that may be developed into full proposals for GCF consideration.

At this dialogue, participants will progress and update the roadmap and explore opportunities for further individual or collaborative efforts to access GCFresources, while examining the barriers to private sector engagement in the Pacific and seek to identify solutions to unlocking private sector investment.

Accessing financing

Tonga's Deputy Prime Minister Hon Siaosi Sovaleni said that their decision making would be helped by the meeting's focus on the Initial Proposal Approval Process, country ownership guidelines and development of the accreditation framework and policy.

"These decisions need to be expedited with urgency, which will enable us to better access GCF funding. Funding that will significantly and effectively build our adaptive and coping capacities and assist us meet our National Determined Contribution, through current and longer term planning and implementation."

He said strengthening national and regional capacities and financial systems was an important part of the process.

"Tonga launched its Climate Finance and Risk Governance Assessment in June 2016, which laid out 48 recommendations designed to measure our capacity to access, mobilize and deliver climate finance to the most vulnerable," he said.

In addition, Tonga’s GCF Readiness program will enable fulfilment of a number of those recommendations.

He said provisions of climate finance through the Green Climate Fund will serve to bolster their efforts in fulfilling obligations under the UNFCCC Convention and the Paris Agreement through the achievement of those commitments under their individual NDCs.

Around 140 representatives from Pacific Islands countries, GCFs implementing partners including Mr Ewen McDonald co-chair GCF Board, private and civil society organizations and development partners are attending the dialogue, at the Fa'onelua Convention Centre in Nuku'alofa.

Matangi Tonga Magazine
Copyright © 2017 Matangi Tonga. All Rights Reserved

Rate this article: 
Average: 2 (1 vote)

Add new comment