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Monday, March 11, 2013

Green Climate Fund Board meets in Berlin, searches for innovative solutions

The 24-member board at a recent meeting.
As the three-day meeting of the Board of the Green Climate Fund (GCF) takes off in Berlin, Germany, today, how to finance innovative solutions tops the agenda at the third session of GCF.

NaijaAgroNet gathered that the meeting would last between March Tuesday 12 and Friday 15, 2013. Noting that the Green Climate Fund was established by the United Nations Climate Change Convention to channel support to the developing world to address climate change.

Also gathered by NaijaAgroNet was that the Green Climate Fund is expected to be one of a range of funding channels to deliver on the long-term goal to mobilize US$ 100 billion, about N158,249 billion per annum in climate finance by 2020 from a range of sources, both public and private.

According to a Press Advisory, the Fund’s board, equally composed of representatives of developed and developing countries, is currently in its start-up phase and is focusing its work on establishing the systems and policies to manage financial flows in order to have a global impact on climate change.
Co-chair of Green Climate Fund Board, Zaheer Fakir, said they need to put systems in place, robust enough to handle a significant flow of climate funding and flexible enough to ensure that these funds are spent effectively on adaptation and mitigation throughout the developing world.

‘The challenge is to get the Fund up and running as soon as possible with the institutional
structures, policies, and safeguards to target funding based on country owned strategies,” he said.

Equally speaking, the Co-Chair of GCF, Mr. Ewen McDonald, pointed out that the impact of climate change in developing countries could limit or even reverse their growth.

“The Fund needs to be innovative to help developing countries undertake action to move their economies onto climate-resilient and low-emission development pathways. A key part of this will be the Fund’s ability to leverage significant funding from both public and private sources. Discussions in Berlin around the design of the Private Sector Facility will be critical in this regard.” McDonald said.

Alongside discussions on a business model framework, the three-day Board meeting is also expected to advance the plans to establish the Fund within its host city of Songdo, Incheon City, Republic of Korea, as well as adopting additional rules of procedure for the Board, and begin discussing how best to mobilize resources for the Fund.

Remmy Nwekke/NaijaAgroNet

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