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SONGDO, Republic of Korea – Several Caribbean Community (CARICOM) countries are to benefit from projects valued at US$1.09 billion approved at the first Green Climate Fund (GCF) Board meeting that ended here on Thursday.
The new approvals bring the GCF portfolio to a total of 76 projects and programmes, amounting to US$3.7 billion in GCF funding to assist developing countries in their low emission and climate resilient development.
According to the GCF, Grenada will receive US$42.16 million for the Climate-Resilient Water Sector with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, while Barbados will benefit from a US$27.6 million project for the Water Sector Resilience Nexus for Sustainability in Barbados with Caribbean Community Climate Change Centre (CCCCC).
The meeting also agreed on a project estimated at US$20 million for the Integrated physical adaptation and community resilience through an enhanced direct access pilot in the public, private, and civil society sectors of three Eastern Caribbean small island developing state, namely Antigua and Barbuda, Dominica, and Grenada.
‘We have had a highly positive week, approving over USD 1 billion in projects, which is a record amount in a single GCF Board meeting,’ stated Dr Paul Oquist, GCF Co-Chair.
“This large volume of projects for both mitigation and adaptation – and the additional US$60 million for readiness support – shows that GCF is ready to shift gear in supporting developing countries to achieve their climate goals. The projects adopted here will make a real impact in the face of climate challenges,’ he added.
The meeting elected Ambassador Lennart Båge and Oquist as its Co-Chairs for 2018, representing developed and developing countries respectively.
The GCF said that a number of significant policy decisions were also made to strengthen its operations, including adopting an Indigenous Peoples Policy, and an Environmental and Social Policy.
In addition to the funding approvals, the Board approved an additional US$ 60 million for the implementation of the Readiness Programme to assist developing countries in accessing GCF funds. (CMC)