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 • February 26, 2016
On February 26, GGGI and the Government of Ethiopia (GoE) held a validation workshop of the Country Planning Framework (CPF) and Annual Workplan of the GGGI, Ethiopia Program. The workshop validated that the CPF is aligned to the GoE’s goals and targets of the Growth and Transformational Plan II (GTP-II) and the Climate Resilient Green […]
Costa Rica Environmental Bank Foundation (FUNBAM)
|Start Date||Q1 2017|
News • February 15, 2019
One of the biggest challenges for palm oil as a commodity is that of establishing traceability and sustainability. Indonesia supplies close to 45% of the world demand for palm oil. Over the last two decades, in Indonesia, the palm oil sector has grown tremendously (doubling in terms of area under palm oil plantation), but this […]
News • November 20, 2018
East Kalimantan is upscaling the capacity of Forest Management Units (FMU). The East Kalimantan Forestry Office as the leading institution through the newly inaugurated FMU Centre in collaboration with development partner organizations in the province design and facilitate series of capacity building activities for 21 FMUs in East Kalimantan Province which are planned to be […]