Project

Costa Rica Environmental Bank Foundation (FUNBAM)

At a Glance

Strategic Outcomes
Start Date Q1  2017
End Date
Funding Source Core
Actual Budget (USD) 0
Budget Percentage %
Actual Expenditure (USD)
Status Complete
GGGI Share (USD)
Poverty and Gender Policy Markers
Name of Client (Lead/Prime implementer if GGGI is part of a consortium)
Participating Organization (Funding/donor)
Name of consortium members, if any
Thematic Area
  • Sustainable Landscapes

Project Rationale

Costa Rica’s NDC aims to achieve carbon neutrality by 2021 with its total net emissions comparable to the emission level in 2005. The agriculture, forestry, and other land use sector (AFOLU) is highlighted in this context. The NDC also aims to advance ecosystem-based adaptation practices that include increasing forest coverage in the country from 54% to 60%. Government of Costa Rica (GoCR) recognizes agriculture as a key source of mitigation accounting for 37% of the total GHG emissions and emphasizes the importance of increasing resilience of agriculture sector (e.g. Café NAMA).

A key challenge is to attract capital into the AFOLU sector to implement national commitments and achieve the targets – a challenge which is exacerbated by the current fiscal deficit of the government.

Innovative mechanisms are therefore needed to attract alternate funding sources, including private sector capital. In this context, the GoCR intends to transform “Environmental Bank Foundation (FUNBAM)” into a specialized financing entity for sustainable development and requested support from GGGI aimed at designing, restructuring and scaling up the vehicle.

Planned Results

The project aims to strengthen FUNBAM as a specialized financing vehicle for sustainable development. The GoCR partnered with GGGI to design, restructure, and scale up an existing financing vehicle which is now called FUNBAM 2.0. In 2017-2018, the focuses are to provide technical assistance on investment plan development, projects origination and structuring, and fund mobilization.

  • An investment plan for FUNBAM 2.0’s pipeline projects developed
  • Project(s) identified and structured through fund mobilization

Related

News • April 8, 2019

Citizens participate in the Design Process for Green & Public Space in Nyagatare

Cities are considered to a critical role to play in transitioning from resource inefficient patterns of growth and increasing access to services, and in so doing, supporting the transition to green growth. In 2018 , the  Ministry of Infrastructure (MININFRA), the Rwanda Housing Authority (RHA), and the Global Green Growth Institute (GGGI) undertook citywide public […]

Project
Knowledge and Capacity Development
Start Date Q1 2016
Funding Source p
Actual Budget (USD) 704,109
Status Active
Thematic Area
  • Green Cities
  • Sustainable Landscapes
  • Sustainable Energy
  • Cross Cutting
View
News • November 28, 2019

The National Medium-Term Development Planning (RPJMN) 2020 – 2024 Background Study for the Forestry Sector

The Ministry of National Development Planning (Bappenas) have recently finalized the national medium-term development planning (RPJMN) 2020 – 2024 background study for the forestry sector. The background study was commissioned by Bappenas with the support of the Global Green Growth Institute (GGGI) as part of its efforts to mainstream green growth and low carbon development […]

News • October 23, 2019

NDC Road Map: Overcoming Climate Change Impacts with National Resilience

The Minister of Environment and Forestry Siti Nurbaya underlined that climate change mitigation efforts in Indonesia are carried out with a national resilience approach. This was stated at the Climate Festival at Manggala Wanabhakti on Wednesday, October 2. She also gave a reflection on climate actions for the past 5 years and related environmental issues […]