Antigua and Barbuda will share U.S. $20 million with Dominica and Grenada as part of a U.S. $1 billion funding for worldwide climate mitigation and adaptation, approved by the first Green Climate Fund (GCF) Board meeting of 2018, which concluded in Songdo, Republic of Korea on Thursday.
According to a GFC release, 23 projects valued together at U.S. $1,093.5 million of GCF funding were approved at the meeting.
The release further stated that the new approvals bring the GCF portfolio to a total of 76 projects and programmes, amounting to U.S. $3,730.2 million in GCF funding to assist developing countries in their low emission and climate resilient development.
Through the Ministry of Health and the Environment, Antigua and Barbuda will receive funding along with Dominica and Grenada for an Eastern Caribbean small island developing states Integrated physical adaptation and community resilience project that would involve enhanced direct access pilot in the public, private, and civil society sectors.
During the meeting, the GCF Board elected Ambassador Lennart Båge and Dr. Paul Oquist as its co-chairs for 2018, representing developed and developing countries respectively.
A number of significant policy decisions were also made to strengthen GCF’s operations, including adopting an Indigenous Peoples Policy, and an Environmental and Social Policy.
Apart from the funding approvals, the Board approved an additional U.S $60 million for the implementation of the Readiness Programme to assist developing countries in accessing GCF funds.
According to the new GCF co-chair, “This large volume of projects for both mitigation and adaptation – and the additional U.S. $60 million for readiness support – shows that GCF is ready to shift gear in supporting developing countries to achieve their climate goals.
“The projects adopted here will make a real impact in the face of climate challenges,” he continued.