Kiribati and Tonga are among the 19 recipients of the 1 billion USD replenishment funds approved by the Green Climate Fund Board in their meeting in Manama mid October 2018. The 19 projects amounts to a total investment of 1,038M USD including co-financing of about 4,244M in climate change finance for low emission and climate resilient development.
Kiribati’s South Tarawa Water Supply Project has an approved amount of 28.6US and Tonga’s Renewable Energy Project of 29.9M USD.
Also supported was the application by the Ministry of Finance and Economic Management in the Cook Islands as one of the accredited entity to the GCF. All of which are great milestones for our Pacific countries and their partners.
According to Co-Chair Paul Oquist, "Climate finance and climate project formulation are the two greatest bottlenecks to climate action in the developing countries. GCF has a critical role to play in both."
GCF has since approved over 42 new projects in 2018, mobilizing a total of USD 8,056 million in climate financing since the start of the year. A total of 1.6 billion across all projects to support developing countries’ climate ambitions under the Paris Agreement.
|Photo Credit (GCF website)|