ISLAMABAD, Nov 08 (APP): The Ministry of Climate Change & Environmental Coordination chaired the 7th Green Climate Fund (GCF) Board Pakistan meeting approving the accreditation of both public and private sector entities for the GCF and endorsing mitigation/adaptation projects amounting to approximately USD 200 million for the GCF financing.
Developing countries face the double challenge of simultaneously investing in development and in climate mitigation and adaptation, while addressing the costs of loss and damage. The Green Climate Fund (GCF) is a fund within the framework of the UNFCCC that is meant to assist the developing countries in adaptation and mitigation efforts to counter the effects of climate change, according to media spokesperson of the Ministry of Climate Change & Environmental Coordination.
He said that during the 7th GCF Board-Pakistan meeting held on 7th November 2023, 11 projects/programmes aligned with the national priorities pertaining to forestry, wildlife, health, energy and green export sectors were presented by relevant provincial departments, accredited entities and commercial banks. Out of these, five projects were endorsed by the GCF Board, amounting to approximately USD 200 million, said a press release issued here from the ministry.
After approval of the Board, No Objection Letter (NOL) will be provided by the National Designated Authority (NDA) i.e. Ministry of Climate Change & Environmental Coordination for submission of proposals to the GCF Secretariat for further processing and approval, the ministry’s media spokesperson added.
The Board, he added, also endorsed accreditation of both public and private sector entities to the GCF for enhancing direct access to the global fund resources and reducing the dependence on the United Nation’s agencies to target these resources. This will further lead to a decline in the operational cost and add onto additional benefits for the vulnerable under the targeted initiatives, by transferring these resources to them, he highlighted.
He further emphasized that with its dedicated efforts to counter the effects of climate change in the country and bring the much needed the climate finance, this Ministry has been successful in increasing the grants from the GCF to the tune of USD 221 million from USD 129 million, in the last 6 months.
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