SEOUL – March 11, 2016 – Global Green Growth Institute (GGGI) member-country, Ethiopia, today became an Accredited Entity to the Green Climate Fund (GCF); a status that grants access to the Fund’s resources for climate change mitigation and adaptation.
GGGI played a critical role in supporting the Government of Ethiopia to develop the strategic frameworks necessary to meet the GCF’s accreditation criteria, including a Private Sector Engagement Strategy, a National Capacity Development Program, and Environmental and Social Safeguards.
“Becoming an Accredited Entity to the GCF will considerably strengthen Ethiopia’s efforts to adapt to climate change and achieve its sustainable development goals. GGGI has been instrumental in building the systems required for the Climate Resilient Green Economy (CRGE) Facility which in-turn accelerated the process of accreditation of MOFEC to the Adaptation Fund and the GCF,” said H.E. Admasu Nebebe, Head of the CRGE Facility and Director of the UN Agencies & Regional Economic Cooperation Directorate of MOFEC. “We are very grateful to GGGI for its strong work in supporting our progress through the rigorous accreditation process.”
Ethiopia’s Ministry of Finance and Economic Cooperation (MOFEC) was one of thirteen national, regional and international entities accredited at GCF’s Board Meeting held in the Republic of Korea, on March 8 -10. As an Accredited Entity to the GCF, MOFEC will be able to access up to USD 50 million in financing for adaptation and mitigation interventions under Ethiopia’s CRGE strategy.
Funds allocated for CRGE implementation will be disbursed through the CRGE Facility, which is managed by MOFEC in coordination with the Ministry of Environment, Forestry and Climate Change. GGGI will support the effective and efficient realization of the Facility’s mandate. The CRGE Facility was established in 2013 as a vehicle to manage and disburse financial contributions pledged at COP17 following Ethiopia’s adoption of the CRGE strategy.
GGGI played a key role in developing the CRGE Facility’s Operational Manual, Monitoring & Evaluation Systems, and Fast-Track Investment guidelines and priorities that led to the Facility’s mobilization of approximately USD 40 million and subsequent disbursement of USD 21 million as of 2015. GGGI’s Country Representative for Ethiopia serves on the Facility’s Advisory Board, while GGGI experts and staff continue to represent the bulk of Facility’s human resources.
“Today’s announcement validates the work that the CRGE Facility does to mobilize international financing for sustainability projects on the ground that support Ethiopia’s Growth and Transformation agenda for national development,” said Robert Mukiza, GGGI’s Country Representative for Ethiopia.
GGGI has been supporting Ethiopia’s green growth efforts since 2010, helping to develop the CRGE strategy and integrate it into the national Growth and Transformation Plan, which is designed to help Ethiopia achieve middle –income country status by 2025.
“GCF accreditation is a wonderful milestone for the GGGI-Ethiopia partnership that has made great strides in planning to secure an inclusive, and environmentally sustainable future for Ethiopia,” said Yvo de Boer, Director-General of GGGI. “We look forward to continued collaboration as we begin the implementation phase of our work.”
GGGI and the Ministry of Environment, Forestry and Climate Change, recently signed a Memorandum of Understanding in support of a jointly developed Country Planning Framework that will implement climate adaptation interventions and green growth actions over the next 5 years.
GGGI and Ethiopia also collaborated in developing the country’s Intended Nationally Determined Contributions. Continued collaboration intends to help realize these ambitions.
Based in Seoul, GGGI is an intergovernmental organization founded to support and promote green growth. The organization partners with countries to help them build economies that grow strongly, are more efficient and sustainable in the use of natural resources, less carbon intensive, and more resilient to climate change. GGGI works with countries around the world, building their capacity and working collaboratively on green growth policies that can impact the lives of millions. To learn more, see https://www.gggi.org and visit us on Facebook and Twitter.