Getting ready for Green Climate Fund finance
Bolivia and Central American countries preparing to access the Green Climate Fund
Nordic Development Fund (NDF) will together with the Inter-American Development Bank (IDB) support six countries in Latin America in their preparations for getting access to climate finance from the Green Climate Fund.
Under the Copenhagen and Cancun agreements, developed countries have committed to mobilise jointly USD 100 billion a year by 2020 to support the transition towards low-carbon development and climate-resilience in developing countries. A significant part of these resources is expected to be channelled through the Green Climate Fund that has recently been established and is expected to begin operations later this year.
For the Green Climate Fund to succeed, countries need to be ready in terms of strategies and institutional capacity, and have their own vision of how to use Green Climate Fund funding effectively. They need the national capacities and mechanisms for accessing, allocating, disbursing and reporting on climate finance and these will need to correspond to the requirements set by the Fund. The NDF/IDB project will support Central American countries and Bolivia in their process to prepare and access resources from the Green Climate Fund.
The NDF/IDB project will enable and catalyse climate investments towards, low carbon, climate resilient technology and infrastructure (natural and physical), as well as to conserve essential natural resources which provide key local and global services. The project will support individual countries through information and knowledge sharing; support to accreditation; identification and prioritization of projects; and detailed design of projects.
The new project complements another NDF project (NDF C70) with the World Bank approved in August 2014. The aim of the WB project is to strengthen climate finance readiness in Sub-Saharan Africa. In parallel, NDF continues a dialogue with our other partners ADB and AfDB on similar support to climate finance readiness in Asia and Africa. Together these individual proposals and projects represent a deliberate effort from NDF (together with our partners) to support the consolidation and operation of the Green Climate Fund.
