13 July 2016 | United Nations Development Programme News Release
New York – The UN Development Programme (UNDP) has welcomed the support of the Green Climate Fund in funding critical country-driven climate change projects in Armenia, Sri Lanka, Tuvalu and Vietnam, announced at the 13th meeting of the Board of the Green Climate Fund (GCF) in Songdo, South Korea, which concluded on 30 June.
The GCF Board meeting announced conditional approval of nine proposals, totaling US$ 256 million in grant funding. This includes four UNDP-supported projects, which have a combined value of US$123.6 million.
Together with US$ 35.9 million approved for two projects in Malawi and Maldives in November 2015, this brings the total cumulative value of UNDP-supported country-led projects approved by the GCF to US$ 159.5 million.
UNDP-supported projects approved at this Board meeting include the Armenia Energy Efficiency project, which will support energy efficient building retrofits, leading to sizeable energy savings and Greenhouse Gas (GHG) emission reductions, green job creation and energy poverty reduction. The projects in Tuvalu and Vietnam will help vulnerable coastal communities adapt to the impacts of climate change – such as sea level rise, intensifying extreme weather events and increased risk of flooding – while a project in Sri Lanka will support smallholder farmers in dry zones to better manage drought and climate variability.
“We’re incredibly honoured and encouraged by the support of the Green Climate Fund for these projects,” notes Adriana Dinu, UNDP’s Executive Coordinator for Global Environmental Finance. “With the support of the GCF, our country partners will be able to make progress against their commitments under the Paris Agreement, both in terms of mitigation and adaptation, while delivering socio-economic benefits. We are very excited about our solid partnership with the GCF, which is building on UNDP’s US$ 2.3 billion global portfolio of climate change initiatives, the largest such in-country portfolio across the UN system.”
As part of the Paris Agreement to tackle climate change, countries are scaling up their investments in low-carbon technologies, as well as strengthening efforts to adapt to climate impacts. UNDP supported countries in the lead-up to the Paris Summit (COP21) to identify and declare climate targets. In the post-Paris era, UNDP is working with partners to shift firmly towards implementation.
The Green Climate Fund is a unique global platform to respond to climate change by investing in low-emission and climate-resilient development. GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change. The GCF Board will next meet again in October in Quito, Ecuador.
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