Today over 35 delegates from Government, civil society, the private sector and development partners commenced a two-day summit regarding Vanuatu’s engagement with the Green Climate Fund (GCF).
The Green Climate Fund is a new global fund created to support the efforts of developing countries to respond to the challenge of climate change. GCF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change. It seeks to promote a paradigm shift to low-emission and climate-resilient development, taking into account the needs of nations that are particularly vulnerable to climate change impacts.
It was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, as part of the Convention’s financial mechanism. It aims to deliver equal amounts of funding to mitigation and adaptation, while being guided by the Convention’s principles and provisions.
When the Paris Agreement was reached in 2015, the Green Climate Fund was given an important role in serving the agreement and supporting the goal of keeping climate change well below 2 degrees Celsius.
Director General of the Ministry of Climate Change reminded participants that Vanuatu, like most Small Island Developing States (SIDS), bears little responsibility for causing climate change but our geographical, socio-economic and climate position makes our nation particularly vulnerable to the potentially negative impact. Despite this, Vanuatu remains poorly funded and approved Climate Change finance to date fulfils only a small part of the nation’s actual needs.
So far,one major project has been approved for Vanuatu by the Green Climate Fund, worth over 22 million USD (2.3 billion VATU) focused on climate information for vulnerable people. But Vanuatu would like to see over 500 million USD invested in climate change projects for private sector, NGOs and government over the coming years.
At this summit, and with the technical support of the German Agency for International Cooperation (GIZ), participants are developing new priorities for future investment into Vanuatu by the GCF, as well as providing feedback into the application processes and investment criteria for consideration by the National Advisory Board on Climate Change & Disaster Risk Reduction.
The Summit is being held at the Ministry of Climate Change, is free/open and interested parties may contact the Secretariat of the National Advisory Board on Climate Change & Disaster Risk Reduction on +678 24686 or visit www.nab.vu for more information.