Virtual Seminar: “The Green Fund, on its way to provide financing for USD 2.5 billion”

SPEAKER(S):Andrea Rodriguez, AIDA; Maria Netto, IDB; and Carmen Arguello, Green Climate Fund secretariat

DATE:06/20/2016

TOPICS:GCF, climate finance, ESI

LINKS:

SUMMARY:

The seminar addressed some points of the agenda to be developed at the 13th meeting of the Board of the Green Climate Fund (GCF), to be held from 27 to 30 June, 2016. Presentations by panelists The first presentation, Expectations for the 13th meeting of the board of the Green Climate Fund, was led by Andrea Rodríguez, senior lawyer of the Inter-American Association for the Defense of the Environment (AIDA). Andrea mentioned that, starting in June, the Board meetings will be broadcasted live. This is because the Board approved its information disclosure policy, which incorporates the transmission. Andrea then presented the agenda of the Songdo meeting, focusing on decisions related to the approval of program and project proposals, and the accreditation of new entities. She concluded by providing information on the 14th meeting of the Board, which will be held in Ecuador in October. Subsequently, María Netto, representative of the Inter-American Development (IDB), described one of the proposals that will be considered by the Board for approval. The proposal is called Energy Savings and is designed for El Salvador. The idea requires USD 20 Millions in loans from the GCF. The proposal is to invest in financial structures of El Salvador to promote investments in efficient technology to save energy. The project will be implemented by a local development bank, BANDESAL, which will have the power to grant loans to small and medium businesses (SMEs). Finally, Carmen Arguello, regional advisor to the GCF Secretariat, presented the progress of the Readiness Assistance Program in Latin America and the role of the GCF in the implementation of the Paris agreement. She described the Fund's structure and mentioned the proposals for accreditation of national, regional and international entities approbed by the Green Climate Fund, including the status of the accreditation proposals. She also explained how the Fund supports accredited entiies through direct access. She said that several Latin American countries are currently receiving economic resources under the Readiness Assistance Program; among them are Bolivia and Colombia. Regarding the implementation of the Paris Agreement, Carmen said that the Fund is supporting in that regard by providing access to predictable resources, facilitating access, collaborating with internal bodies of the United Nations Framework Convention on Climate Change, and Ensure consistency and complementarity with other funds created under the Convention.