Friday, April 19, 2024
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Need for GCF reforms for Pacific: Minam

There is a great need for the Green Climate Fund (GCF) to better understand the experiences of Pacific nations and urged for reforms tailored to Pacific Small Island Developing States (SIDS) and a stronger GCF regional presence.

These were the words of Fiji Development Bank Chief Executive Officer Saud Minam.

Speaking at the GCF Regional Dialogue with Asia and the Pacific in Korea, Minam said, “One of the top priorities that we have continuously advocated for includes the need to simplify current procedures and requirements, such as concept note development, reporting and accreditation.”

He also highlighted the need for GCF to establish a representative office in the Pacific to bridge understanding gaps and enhance capacity building.

Minam challenged the ‘What GCF do we want for the Pacific’ report’s suggestion of a 10-year accreditation, advocating instead eliminating the re-accreditation period.

“Instead, annual self-assessment and ad-hoc independent reviews could ensure compliance while allowing accredited entities to focus on designing and implementing climate change resilience programs,” he said.

He underscored the importance of full grant financing, especially for small and medium-sized enterprises (SMEs).

“I wish to highlight that the Fiji Development Bank has identified this gap whilst working with the private sector in Fiji,” noting FDB’s recent partnership with USAID Climate Ready to drive climate resiliency in the private sector.

He also highlighted Fiji’s National Climate Finance Strategy (NCFS), which sets Fiji’s climate investment priorities from 2022 to 2029.

“The Bank understands the importance of partnering with viable accredited entities and development agencies. As the only National Direct Access Entity in Fiji and the region, the Fiji Development Bank mirrors this national climate finance strategy,” added Minam.

The dialogue, attended by around 190 representatives from major countries and organizations like ADB, JICA, KOIKA, and UN, focuses on Pacific region’s priorities for the GCF’s upcoming replenishment period from 2024 to 2027.

The meeting concludes on Friday.

Simran Chand
Simran Chand
Journalist | news@fijilive.com

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