In late 2020, the Green Climate Fund (GCF) approved the disbursement of US$286,329 for the implementation of the Readiness & Preparatory Support proposal titled Establishment and Operationalization of National Financing Vehicle in Dominica. The Readiness project was designed by the Ministry of Economic Affairs, Planning, Resilience, Sustainable Development, Telecommunications and Broadcasting, with support from the Global Green Growth Institute (GGGI). GGGI has been designated as the delivery partner for this project.
“GGGI looks forward to supporting Dominica in enhancing access to climate finance,” said Kristin Deason, GGGI’s Regional Representative for the Caribbean. “This partnership builds on Dominica’s ambitious climate goals, and will accelerate the flow of funding to support clean energy projects and fast-track the country’s transition to a climate-resilient, low-carbon economy.”
The project will take place over a period of eighteen months with the objective of establishing and operationalizing a National Finance Vehicle (NFV) that will be used to fund priority projects as part of Dominica´s green and climate resilient frameworks. This will include defining the objectives and strategy for the fund in addition to defining its governance structure, design, and operating guidelines, and conducting in-country training sessions to ensure its effective management and operation. The project will also include development of concept notes for the fund’s capitalization and marketing and outreach to potential investors for the capitalization of the fund.
“The Government of Dominica is committed to meeting our climate commitments and sees the NFV as an opportunity to accelerate climate finance for the development of renewable energy, energy efficiency, low carbon economy and climate resilient investment projects in order to help meet our climate goals. We are committed to engaging widely with stakeholders across the government for the successful delivery of this project in partnership with GGGI,” noted Senator Hon. Gregory Riviere, Minister of State in the Ministry of Finance, Economic Affairs and Planning.
GGGI has been operating in the Caribbean since 2017, and works with the Organization of Eastern Caribbean States (OECS) as well as OECS members countries to identify climate finance opportunities, increase the ambition of NDCs, facilitate knowledge and capacity building and increase access to renewable energy and green jobs.
GGGI has previously designed and implemented NFVs in over nine countries, as described in the GGGI Technical Report on National Financing Vehicles to Finance Climate and Green Growth Policy Implementation. GGGI has over 20 GCF Readiness projects either completed or in progress across its member countries as part of its partnership with GCF.