What is GCF?
Climate change is the defining challenge of our time. The Green Climate Fund was established with a mission to advance the goal of keeping the temperature increase on our home planet below 2 degrees Celsius.
The Fund is a unique global initiative to respond to climate change by investing into low-emission and climate-resilient development. GCF was established by 194 governments to limit or reduce greenhouse gas emissions in developing countries, and to help adapt vulnerable societies to the unavoidable impacts of climate change. Given the urgency and seriousness of the challenge, the Fund is mandated to make an ambitious contribution to the united global response to climate change.
The accreditation process assessed applicants entities in terms of their capacity to manage resources GCF in line with the fiduciary standards of the Fund according to the scale and type of funding requested, as well as the ability to manage environmental and social risks may arise in the project level. During the evaluation they were also considered the Gender Policy of the Entities applied.
GCF is accountable to the United Nations. It is guided by the principles and provisions of the UN Framework Convention on Climate Change (UNFCCC). It is governed by a Board of 24 members, comprising an equal number of members from developing and developed countries. The Green Climate Fund is the only stand-alone multilateral financing entity whose sole mandate is to serve the Convention and that aims to deliver equal amounts of funding to mitigation and adaptation.
With regards to this, GCF accepted the application of National Environment Management Authority (NEMA) based on its eligibility to be accredited as an Implementing Entity (IE) under the Green Climate Fund. The decision was made during the twelfth meeting of the GCF Board, held from 8th to 10th March 2016, in Songdo, Korea.
The accreditation process assessed applicants entities in terms of their capacity to manage GCF resources in line with the fiduciary standards of the Fund according to the scale and type of funding requested, as well as the ability to manage environmental and social risks which may arise in the project level.
At the meeting held in S. Korea further policy decisions were made to strengthen alliances and grow the portfolio of projects throughout 2016.
These include the adoption of the first strategic plan of the Fund, its work plan for 2016 were taken/was approved, and the accreditation of a total of 13 new entities.
In addition to NEMA, the other new entities are: Agency for Agricultural Development in Morocco (ADA), Ministry of Finance and Economic Cooperation of the Federal Republic of Ethiopia (MOFEC), Unit for Rural Change (UCAR), Development Bank of Southern Africa (DBSA);Crédit Agricole (CréditAgricole CIB);HSBC and subsidiaries (HSBC);African Development Bank (AfDB);European Investment Bank (EIB);International Finance Corporation (IFC);World Food Programme (WFP);International Union for Conservation of Nature and the World Meteorological Organization (WMO).