At a Glance
|Strategic Outcomes||SO1 Reduced GHG emission, SO2 Creation of green jobs, SO3 Increased access to sustainable services, SO4 Improved air quality, SO5 Supply of ecosystem services ensured, SO6 Enhanced adaptation to climate change|
|Start Date||Q1 2020|
|End Date||q3 2021|
|Actual Budget (USD)||442,728|
|Actual Expenditure (USD)||193036|
|GGGI Share (USD)|
|Poverty and Gender Policy Markers||poverty|
|Name of Client (Lead/Prime implementer if GGGI is part of a consortium)|
|Participating Organization (Funding/donor)||Green Climate Fund|
|Name of consortium members, if any|
Although the country is deemed highly vulnerable to the impacts of environmental changes, Burkina Faso has very limited experience in accessing climate finance to fund national climate change initiatives. The local economy did not benefit from previous market-based climate finance mechanisms. Only few stakeholders are aware of the GCF and its role in promoting low carbon development pathways and climate change adaptation, and what is required to access available funding sources. There is currently no national entity accredited to the GC. The Government of Burkina Faso has published several documents which highlight priority sectors and projects in the field of mitigation and adaptation, such as the NDC and the National Adaptation Plan. However, much work remains to develop these ideas and concepts into projects that public and private sector investors (and donors) would consider bankable. At national and regional levels, there is limited knowledge within private sector actors about climate change investment opportunities in Burkina Faso and climate finance.
FIE was nominated for accreditation by the Government of Burkina Faso on March 18th, 2018 and CBI is an entity applying for on-lending and/or blending fiduciary functions. So this project will : (i) provide accreditation & work programme alignment support to the Environment Intervention Fund (FIE) and Coris Bank International (CBI), (ii) implement capacity building activities to government agencies and candidate entities for accreditation in the preparation and management of climate projects, and through the development of 4 GCF concept notes for mitigation and/or adaptation projects, and (iii) reinforce the private sector engagement strategy to be developed under IUCN’s program through the identification of private sector stakeholders and the organization of a workshop to inform about GCF financing opportunities for mitigation and adaptation, to better understand the challenges towards enhanced private capital involvement in climate projects, and to discuss innovative solutions to overcome investment barriers, including the introduction of the GCF’s Private Sector Facility.
The project aims to support the direct access of national entities to climate finance through accreditation support of Coris Bank International and the Environment Intervention Fund (FIE) to the Green Climate Fund, increase the pipeline of climate change mitigation and adaptation concept notes, and mobilize and engage the private sector in climate investments.
Outcome 1: Direct access to climate finance: As part of this outcome the project supports the nominated direct access entities (DAEs) for accreditation, the Environment Intervention Fund (FIE) for grant award fiduciary function and Coris Bank International (CBI) for on-lending and/or blending fiduciary function and for its work program alignment with country program
Outcome 2: Climate finance strategies and project pipeline strengthened: This outcome aims to support project preparation and management capacity development of government agencies and DAE for climate finance, develop a pipeline of mitigation and adaptation project and raise awareness of private sector stakeholders through their engagement in climate investment projects
To reduce climate vulnerability through increased access to climate finance.