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 • September 27, 2017
Indonesia’s NDC targets can be achieved by incorporating the targets into subnational governments working plans. As the fourth most populous country in the world, Indonesia’s actions to respond to global warming will have tremendous impacts to both its citizens and the world. The ratification of the Paris Agreement shows the country’s transition to a low […]
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 […]
News • September 26, 2018
According to UN Environment, buildings accounted for 30% of global final energy consumption and 28% of global CO2 emissions in 2015. According to UN-Habitat in Africa, energy used in buildings is an estimated 56% of the total national electricity consumption. Over 70% of this energy is consumed in cities. In some cases, more than 50% […]
News • July 5, 2018
GGGI’s Assembly President and Council Chair Ban Ki-moon urges global efforts on Land Degradation Neutrality and support for the Inter-Korean Peace Forest Initiative
Seoul, July 5 – Mr. Ban Ki-moon, GGGI’s Assembly President and Council Chair, highlighted the urgent need of implementing Land Degradation Neutrality (LDN) in the context of contributing to the Sustainable Development Goals, the Nationally Determined Contributions, and the post-conflict process. During his congratulatory remarks at the 1st Global Land Neutrality Degradation Forum on July […]