At a Glance
Strategic Outcomes | SO1 Reduced GHG emission, SO2 Creation of green jobs, SO3 Increased access to sustainable services |
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Start Date | Q4 24 September 2020 |
End Date | q1 24 March 2022 |
Funding Source | Earmarked |
Actual Budget (USD) | 286,329 |
Budget Percentage | % |
Actual Expenditure (USD) | |
Status | Active |
GGGI Share (USD) | |
Poverty and Gender Policy Markers | |
Name of Client (Lead/Prime implementer if GGGI is part of a consortium) | Ministry of Economic Affairs, Planning Resilience, Sustainable Development, Telecommunications and Broadcasting |
Participating Organization (Funding/donor) | Green Climate Fund (GCF) |
Name of consortium members, if any | |
Thematic Area |
|
GGGI Project Code : CAR06
Project Manager and Staff +
Project Context, Objectives and Description
The proposed readiness aims to develop and operationalize a Nattional Financing Vehicle (NFV) for Dominica. The NFV mission is to increase private sector investments in renewable energy and energy efficiency (RE and EE) technology by adjusting the risk/return profile of investment opportunities by offering concessional finance to priority climate change adaptation and mitigation projects.
The objectives of the NFV are to increase:
- The use of viable RE and EE technologies in Dominica, in order to decrease energy costs of the population
- The country’s energy security by reducing its dependency on imported fossil fuels
- Climate change mitigation by reducing GHG emissions
- Climate resilience by providing a pathway toward financing distributed energy generation projects
- Dominica’s transition to Low Carbon pathway as articulated in the Low Carbon Climate Resilience Development Strategy
- Facilitation of Investment Opportunities in Dominica’s Blue Economy Masterplan designed to address the Climate Resilient Development Pathway of the Low Carbon Climate Resilient Development Strategy
- Capacity to originate, design, structure and bring to finance sustainable
Outcomes
The outcomes are the following:
- Strategies for transforming and attracting private sector investment for low emissions and resilience developed and being used
- An increased in the number of quality project concept notes developed and submitted that target SIDS, LDS and African states
Type of Services Provided, and Results Achieved
The project will deliver the framework for the establishment, operationalization and capitalization of a National Financing Vehicle (NFV) in Dominica as well as demand-led capacity building training to state and non-state actors to ensure the effective management of the NFV.
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