March 30, Suva, Fiji – The Fiji Development Bank (FDB) and the Global Green Growth Institute (GGGI) today signed a Memorandum of Understanding on Green Growth and Climate Finance Cooperation in Suva, Fiji.
This partnership stems from FDB’s accreditation to the Green Climate Fund (GCF) in October 2017 as a Direct Access Entity and is part of the Fijian Government’s strategy to channel crucial climate finance through national institutions for boosting resilience of the Fijian economy to climate induced events.
With the accomplishment of this major milestone, FBD is now directing efforts to finalizing a GCF concept note and developing a pipeline of projects. For this, GGGI will provide interim technical support to FDB through the secondment of a staff member to develop Fiji’s first GCF proposal on e-mobility and strengthen Fiji’s stance on accessing critical climate finance through the GCF.
FDB’s Chief Executive Officer, Mr. Mark Clough commented, “The Fiji Development Bank and GGGI share common green growth objectives for Fiji and with GGGI’s technical expertise, we are looking forward to delivering an inclusive and quality proposal to the GCF as well as establishing a pipeline of projects for a climate resilient future.”
He said FDB welcomes the support from GGGI in building its technical capacity to develop Fiji’s first GCF proposal on e-mobility. The Bank welcomes GGGI staff, Ms. Roxane Castelein, a Green Climate Specialist, to support FDB in finalizing a GCF concept note on “Promoting Decarbonization of Public Bus Transport in Fiji”,” said Mr. Clough.
He said the collaboration with GGGI would promote multi-directional knowledge sharing and learning for FDB staff.
“This MOU strengthens the relationship between FDB and GGGI to advance the Bank’s transition toward a model of green growth to achieve objectives outlined in our mandate and those leading to poverty reduction, social inclusion, environmental sustainability, and economic growth,” said Mr. Clough.
As a Green Climate Financier, FDB seeks opportunities for economic growth that have low-carbon impacts and those that are climate resilient, with the desire to mitigate the impacts of or remediate adverse development-caused residue such as pollution, while all in all encouraging Fijian businesses to go green.
“FDB will take a lead role in driving new technologies or the innovative application of existing technologies to drive green economic growth in Fiji,” he said.
The partnership primarily aims to finalize a pilot program concept note on Promoting Decarbonization of Public Bus Transport in Fiji for submission to the GCF.
“By signing this MoU today, GGGI continues to mobilize technical expertise and support Fiji to achieve inclusive and sustainable green growth for all. We look forward to working on this exciting collaboration with FDB to submit Fiji’s first GCF concept note on e-mobility and maintain our commitment to transitioning Fiji to a low-carbon and resilient economy,” said Ms. Katerina Syngellakis, Pacific Regional Representative for GGGI.
GGGI is the Delivery Partner of more than 10 GCF Readiness projects for different member countries around the world and has also successfully supported development of 5 full proposals to the GCF. This partnership will be for an initial six months for the finalization and submission of the concept note to GCF. During this period, the GGGI secondee will also provide on the job training to FDB personnel to develop technical capacity for submitting more concept notes to GCF in the future.