At a Glance
|Start Date||Q1 2017|
Costa Rica’s NDC aims to achieve carbon neutrality by 2021 with its total net emissions comparable to the emission level in 2005. The agriculture, forestry, and other land use sector (AFOLU) is highlighted in this context. The NDC also aims to advance ecosystem-based adaptation practices that include increasing forest coverage in the country from 54% to 60%. Government of Costa Rica (GoCR) recognizes agriculture as a key source of mitigation accounting for 37% of the total GHG emissions and emphasizes the importance of increasing resilience of agriculture sector (e.g. Café NAMA).
A key challenge is to attract capital into the AFOLU sector to implement national commitments and achieve the targets – a challenge which is exacerbated by the current fiscal deficit of the government.
Innovative mechanisms are therefore needed to attract alternate funding sources, including private sector capital. In this context, the GoCR intends to transform “Environmental Bank Foundation (FUNBAM)” into a specialized financing entity for sustainable development and requested support from GGGI aimed at designing, restructuring and scaling up the vehicle.
The project aims to strengthen FUNBAM as a specialized financing vehicle for sustainable development. The GoCR partnered with GGGI to design, restructure, and scale up an existing financing vehicle which is now called FUNBAM 2.0. In 2017-2018, the focuses are to provide technical assistance on investment plan development, projects origination and structuring, and fund mobilization.
- An investment plan for FUNBAM 2.0’s pipeline projects developed
- Project(s) identified and structured through fund mobilization
News • November 5, 2017
By Annawati van Paddenburg, Deputy Director/Head of Sustainable Landscapes, IPSD, GGGI It is high time to prioritize peat! Good functioning healthy peatland ecosystems have been underrated in terms of the value they bring to mitigating climate change. The very first Global Peatlands Assessment: Smoke on Water – Countering global threats from peatlands loss and degradation […]
News • May 17, 2018
GGGI and the Government of Senegal held the Technical Validation Workshop on the National Green Growth Strategy
GGGI and the Government of Senegal (GoS), in collaboration with key stakeholders, co-organized on Thursday, May 17, the national workshop on the technical validation of the National Green Growth Strategy, at the King Fahd Palace Hotel in Dakar. The workshop was chaired by the Secretary General of the Ministry of Environment and Sustainable Development, Mr Alioune Guisse […]
News • July 28, 2018
Due to its hilly topography, several areas of Rwanda are located in high risk zones. Natural disasters – and landslides in particular – have the potential to derail economic development affecting communities in terms of damaged infrastructure, displacement and loss of life. Areas of Rwanda have been repeatedly affected by flooding, however, climate change and […]
News • August 8, 2018
Kigali, August 7-8 – The GGGI Rwanda team and Rwanda Environmental Management Authority (REMA) with support of the UNFCCC Secretariat, UNFCCC Regional Collaboration Center based in Kampala, the African Development Bank, the World Bank, and the Rwanda Environment and Climate Change Fund (FONERWA) collaborated in co-organizing a two-day capacity building training on “climate finance” for Sector […]