3 December 2014: A ‘Green Climate Fund (GCF) Open Forum,’ organized on the margins of the Lima Climate Change Conference, raised awareness of GCF operating procedures with regard to country readiness, accreditation, implementing entities and project pipelines. GCF convened the Forum to engage interested stakeholders and offer them an opportunity to understand the GCF, as it is expected to begin disbursements in 2015.

Tao Wang, Director of Mitigation and Adaptation, GCF, highlighted six criteria for GCF investment: impact potential; paradigm shift potential; sustainable development potential; recipient needs; country ownership; and efficiency and effectiveness. He noted that at least 50% of mitigation and adaptation funds will be reserved for small island development States (SIDS), Least Developed Countries (LDCs) and Africa. He explained that GCF will support country readiness through a range of partners, including National Designated Authorities (NDAs) or focal points and national, sub-national and regional implementing entities and intermediaries.

Ousseynou Nakoulima, Director of Country Programming, GCF, described GCF’s private sector facility (PSF), which will provide equity to unlock scarce early financing, finance public infrastructure with concessional loans, provide long-term funding and liquidity and cover off-take risk through guarantees. He said PSF will require applicants to meet GCF’s fiduciary standards and environmental and social safeguards. According to Nakoulima, GCF has received 69 NDA nominations so far, and 20 of 27 submitted readiness requests are from Africa and SIDS.

Ruleta Camacho, Ministry of Environment, Antigua and Barbuda, presented a country perspective. Noting past difficulties in securing full project funding, she said her country aimed to use GCF funds to invest in renewable energy and green technology projects that will yield returns for use in programmatic mitigation and adaptation activities. Edith Kateme-Kassaja, National Planning Authority, Uganda, said her country has identified its national implementing entity (NIE) and will prioritize GCF funds for irrigation and for training agencies to effectively mainstream sustainability into sector programmes.

Participants then asked questions on: the difference between normal and fast track accreditation; the cap of US$1 million per country for country readiness activities; timelines for submitting project proposals; managing relationships between different GCF entities and intermediaries at the national and international levels; and synergies with other multilateral financial mechanisms and the Adaptation Fund. [IISD RS ENBOTS Coverage] [IISD RS Coverage of Lima Climate Change Conference] [GCF Event Annoucement] [GCF Website]