Pacific’s Third Regional Green Climate Fund Structured dialogue continues in Tonga to further progress GCF proposals, with a focus on incentivizing engagement from the private sector.
The three-day event has representatives from Pacific Island countries with the GCF’s implementing partners, private sector organisations, civil society organizations and other development partners.
The Green Climate Fund was established in 2010 to finance climate change projects and programmes that help developing countries adapt to climate impacts and reduce greenhouse gas emissions.
GCF has approved USD$2.2 billion for 43 projects and programmes to date.
The Pacific region has already made strong progress, with seven projects totaling more than USD$250 million approved for the Cook Islands, Fiji, Papua New Guinea, Samoa, Solomon Islands, Tuvalu and Vanuatu.
These projects will involve building the region’s resilience to climate impacts and tapping the potential for renewable energy and energy efficiency solutions.
A number of these proposals originated directly from the Pacific GCF Roadmap agreed by participants of the Pacific Structured Dialogue in July 2016 in Suva.
The Roadmap outlined a pipeline of project concepts that may be developed into full proposals for GCF consideration.
At the 2017 Strategic Dialogue, participants will progress and update the Roadmap and explore opportunities for further individual or collaborative efforts to access GCF resources.
The Dialogue will also examine the barriers to private sector engagement in the Pacific and seek to identify solutions to unlocking private sector investment.
Deputy Prime Minister of Tonga and Minister responsible for Climate Change, Siaosi Sovaleni said the meeting is important not only for Tonga but the region as a whole with the GCF providing funding opportunities to help small island countries build resilience against Climate Change and its effects.