UN-led GCF endorses $200 worth projects in Pakistan
Pakistan
UN-led GCF endorses $200 worth projects in Pakistan
ISLAMABAD (APP) – The Ministry of Climate Change & Environmental Coordination chaired the 7th Green Climate Fund (GCF) Board-Pakistan meeting, which approved the accreditation of both public and private sector entities for the GCF.
It also endorsed mitigation and adaptation projects totaling approximately $200 million for GCF financing.
Developing countries face the dual challenge of investing in development and addressing climate mitigation and adaptation while dealing with the costs of loss and damage.
The GCF is a fund under the UNFCCC framework designed to assist developing countries in their climate change adaptation and mitigation efforts, as explained by the Ministry of Climate Change & Environmental Coordination's media spokesperson.
During the 7th GCF Board-Pakistan meeting held on November 7, relevant provincial departments, accredited entities, and commercial banks presented 11 projects and programmes aligned with national priorities related to forestry, wildlife, health, energy, and green export sectors. Out of these, the GCF Board endorsed five projects totaling approximately $200 million, according to a press release issued by the ministry.
After the Board's approval, the National Designated Authority (NDA), ie, the Ministry of Climate Change & Environmental Coordination, will provide a no-objection letter (NOL) for the submission of proposals to the GCF Secretariat for further processing and approval, the ministry's media spokesperson added.
Furthermore, the Board endorsed the accreditation of both public and private sector entities to the GCF, aiming to enhance direct access to global fund resources and reduce dependence on United Nations agencies for targeting these resources.
This approach will lead to a decline in operational costs and provide additional benefits for vulnerable populations under the targeted initiatives by facilitating resource transfer to them, he emphasised.
The spokesperson also highlighted that the Ministry's dedicated efforts to combat the effects of climate change in the country and secure essential climate finance have led to an increase in grants from the GCF, rising from $129 million to $221 million in the last six months.
