EIF and Green Climate Fund sign agreement
• By Staff Reporter
THE Environmental Investment of Namibia (EIF) Fund and the Green Climate Fund (GCF) have signed the Accreditation Master Agreement (AMA) for another five years, after the initial five (5) year accreditation lapsed in June 2021.
The new five-year-old agreement is a result of EIF being re-accredited to the Green Climate Fund (GCF) for a further five year period.
The announcement was made by the GCF secretariat after a four day virtual meeting.
The re-accreditation was preceded by a rigorous institutional review and assessment of the Fund by GCF.
The Fund was first accredited by the GCF in 2016 as a Direct Access Entity for country level programme delivery.
for Climate Action Grants and readiness support from the GCF for the country.
The GCF is a fund within the framework of the United Nations Framework Convention for Climate Change (UNFCCC), established to assist developing countries in adaptation and mitigation measures to counter climate change.
It also an operating entity of the financial mechanism that serves the 2015 Paris Agreement, supporting the goal of keeping average global temperature rise well below 1.5°C.
The GCF is the world’s largest dedicated climate fund. GCF’s mandate is to foster a paradigm shift towards low emission, climate-resilient development pathways in developing countries.
GCF has a portfolio of USD 10 billion (USD 37.2 billion including co-financing) delivering transformative climate action in more than 100 countries.
The re-accreditation and signing of the accreditation master agreement means that the EIF Namibia is officially recognised as having the global recognised standards, competence, and governance systems to access the financial resources of the GCF.
The re-accreditation assessment process took into consideration the fiduciary standards, good governance, transparency, leadership, risk management, Environment and Social Governance (ESG) system, and financial management systems of the EIF Namibia and all other applying institutions.
The GCF funding is mainly availed in form the of grants to finance climate change related programmes, renewable energy generation and access, food and water security, ecosystems services, forest, and land use, increase resilience of rural livelihoods (example aquaculture, conservation agriculture, rangeland management, climate resilient infrastructure, value addition, and sustainable urban transportation.)
The role of the EIF as an implementing entity relates to the management and oversight of project implementation, which includes the origination and preparation of funding proposals, the subsequent management of the necessary stages of the implementation process until its conclusion on behalf of the GCF, and reporting obligations.
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