Phnom Penh, Cambodia – 15 July 2024, Ministry of Environment (MOE) and Global Green Growth Institute (GGGI) are launching the “Capacity Building and Accreditation Support of Direct Access Entity to Private Banks for On-Lending and/or Blending Fiduciary Functions” project. MOE has selected three banks, namely the Foreign Trade Bank of Cambodia (FTB), ACLEDA Bank Plc. (ACLEDA), and Advanced Bank of Asia Limited (ABA) which will receive capacity building support through this readiness project. The project will enhance capacity, policies, and tools to mobilize climate finance effectively, implement climate-resilient initiatives, and support the accreditation applications to the Green Climate Fund (GCF) for approval as Direct Access Entities (DAE). The ultimate aim is to submit the accreditation application from one of the candidates to the GCF during the project implementation phase. This two-year project is funded by the GCF.

Cambodia faces significant challenges from climate change, with costs for mitigation and adaptation measures outlined in its Nationally Determined Contribution (NDC) exceeding US$ 5.8 billion and US$ 2 billion, respectively. To address this financial gap, the MOE and GGGI have initiated this project.

H.E. Choup Paris, Secretary of State, Ministry of Environment, stated, “This project represents the culmination of our persistent efforts and strategic planning. It is designed to navigate the intricacies of climate finance by enhancing capacity and promoting knowledge sharing. Our goal is to equip stakeholders—including financial institutions, government agencies, and the private sector—with the necessary tools to effectively mobilize climate finance and implement climate-resilient initiatives.”

“GGGI’s green investment initiatives aim to enhance the capacity of local financial institutions to access climate finance more effectively. This project will support candidate banks through the GCF accreditation process and assist them in identifying and developing climate projects that can attract financing from the Green Climate Fund (GCF), which has already committed $13 billion and has $22 billion in the pipeline globally,”–said Ms. Shomi Kim, GGGI Cambodia Country Representative.

The project launching workshop, led by the Ministry of Environment (MOE) in collaboration with the Global Green Growth Institute (GGGI), included representatives from the private sector, including the Association of Banks in Cambodia, the Cambodia Microfinance Association, and the microfinance and banking industries, along with key government ministries, such as the National Bank of Cambodia (NBC), Securities and Exchange Regulator of Cambodia (SERC) and Ministry of Economy and Finance of Cambodia (MEF).

About the Global Green Growth Institute (GGGI)

Based in Seoul, GGGI is a treaty-based international, inter-governmental organization- with 48 Members States and over 25 countries and regional integration organization(s) in the process of accession – dedicated to supporting and promoting strong, inclusive, and sustainable economic growth in developing countries and emerging economies.  With operations in 51 countries, GGGI serves the role of an enabler and facilitator of Members’ transition into a low-carbon green economy, providing policy advice and technical support in the development of green growth plans, policies, and regulations, mobilization of green investments, implementation of green growth projects, and development of local capacities and knowledge sharing. Further information on GGGI’s events, projects, and publications can be found on www.gggi.org.

About Green Climate Fund

The Green Climate Fund (GCF) is a global initiative established under the UN Framework Convention on Climate Change (UNFCCC) to support the efforts of developing countries to respond to the challenge of climate change. Headquartered in Songdo, South Korea, GCF is governed by a Board composed of an equal number of representatives from developed and developing countries. With a mandate to promote low-emission and climate-resilient development, GCF provides funding for projects and programs that limit or reduce greenhouse gas emissions and enhance climate resilience in developing countries. GCF’s support includes financial resources, policy advice, and technical assistance, fostering partnerships to drive transformative climate action. More information on GCF’s initiatives, projects, and publications can be found on www.greenclimate.fund. For more information, visit: https://www.greenclimate.fund

GGGI Cambodia contact 

Mr. Hun Keoveasna, Communications & Knowledge Sharing Associate

+855 17 810 802 / Keoveasna.hun@gggi.org

GGGI Seoul HQ

Mona Laczo, Communications & Knowledge Sharing Unit Head

+82 10 9530 0358 / mona.laczo@gggi.org

© Photo Credit: GGGI Cambodia