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Cook Islands News, 23rd October 2018
The Cook Islands can now access climate related finance of up to about $76.3 million (US$50 million) per project directly from the Green Climate Fund (GCF).
The country has become the first nation in the Pacific to be accredited to the fund that was formed to assist developing countries in adaptation and mitigation practices to counter climate change.
Over the weekend, the Ministry of Finance and Economic Management (MFEM) was approved as an accredited entity to the fund at the GCF board meeting in Manama, Bahrain.
This means that MFEM can now source direct funding of up to $76.3 million from the GCF per project – avoiding the need to go through other accredited entities as has been done in the past – to support projects and programmes addressing climate change in the Cook Islands.
In a statement, Mark Brown, the deputy prime minister and Finance minister, expressed his gratitude to the hardworking team based in the country for this milestone achievement.
MFEM has been working on accreditation to the GCF since June, 2016, under the lead of accreditation consultant, Elizabeth Wright-Koteka, the statement added.
