Port Vila, 14 August 2020, the Global Green Growth Institute (GGGI) delivered the first in a series of capacity building training sessions for the Government of Vanuatu on accreditation to the Green Climate Fund (GCF). Held at the Vanuatu National Statistics Office (VNSO) in Port Vila, the targeted audience of the capacity building training were officials from the Ministry of Finance and Economic Management (MFEM), with future planned training sessions targeted at officials from the Prime Minister’s Office (PMO) and the Ministry of Climate Change (MoCC).
The broad objectives of the capacity building training with the MFEM was to provide a high-level overview of the GCF, including its history, mandate, structure, investment criteria and recent activities in the Pacific region and Vanuatu. This was followed by an overview of the Fund’s accreditation requirements, including strict Environmental and Social Safeguards (ESS), fiduciary standards and other specific capacities and competencies required at an institutional level.
GGGI is delivering these capacity building trainings as part of its role as a delivery partner under the ongoing GCF Readiness and Preparatory Support Programme project, ‘Enhancing Vanuatu’s Ability to Seek Accreditation and Direct Access to the GCF.’ The 18-month Readiness project being implemented by GGGI in collaboration with officials from the PMO, MFEM and MoCC aims to support the accreditation of the MFEM, first as a delivery partner for future GCF Readiness projects and then as a full GCF National Accredited Entity, with the MoCC as the cooperating Executing Entity.
The GCF’s investments globally are aimed at achieving maximum impact in the developing world, supporting paradigm shifts in both climate change mitigation and adaptation activities. The Fund is unique in its ability to engage directly with both the public and private sectors in transformational climate-sensitive investments, offering a wide range of financial products including grants, concessional loans, subordinated debt, equity and guarantees. Importantly, the GCF employs a country-driven approach to ensure GCF investments operate in harmony with national priorities, such as Vanuatu’s National Sustainable Development Plan (NSDP), National Aid Management Policy (AMP) and Climate Change and Disaster Risk Reduction (CCDRR) Policy.
The Republic of Vanuatu became a member of GGGI in 2014 and has since worked in partnership with the organization to incorporate green growth into national planning and sectoral strategies and policies.