Enhancing Access To Climate Finance Through Readiness Support
Enhancing access toclimate finance throughreadiness supportThe Global Green Growth Institute andGreen Climate Fund partnership
Enhancing Access to Climate Finance through Readiness SupportThe Green Climate Fund (GCF) and theGlobal Green Growth Institute (GGGI)have formed a partnership drawing onthe strengths of both organisations tobolster developing country capacities todeal with the unprecedented challengeof climate change. This partnership isbased on the strategic targeting of fundsfrom GCF’s Readiness and PreparatorySupport Programme (the ReadinessProgramme).What is Readiness?GCF has developed the Readiness Programme to progressclimate action in addition to its regular portfolio of climatechange projects. Readiness strengthens developing countries’institutional capacities, governance mechanisms, and planningand programming frameworks that lead to a transformationallong-term climate action agenda. It does this throughgrants or technical assistance. Readiness also assists in thedevelopment of innovative project pipelines for GCF and otherclimate financial institutions. All developing country Partiesto the United Nations Framework Convention on ClimateChange (UNFCCC) can access GCF’s Readiness Programme.GREENCLIMATE.FUNDGGGI has become one of GCF’s major Readiness deliverypartners. GGGI assists developing country NationalDesignated Authorities (NDAs) in developing andimplementing the Readiness Programme. GGGI also helps toexpand funding windows for developing countries to directlyaccess GCF funds by supporting the accreditation of nationalAccredited Entities. GGGI works with these organisations todevelop concept notes and funding proposals to submit toGCF for inclusion in its portfolio of climate finance projects2GGGI.ORG
The Global Green Growth Institute and Green Climate Fund partnershipAddressing climate changeand COVID-19The Readiness Programme focuses on empoweringdeveloping countries build on their ambition to takeclimate action. As the COVID-19 pandemic has swept throughmuch of the world, the role of Readiness can also be seenin the context of its ability to empower mutually reinforcingaction that addresses both the pandemic and climate change.Readiness is well suited to help support developing countriescarry out a climate-resilient recovery to COVID-19.pressing question is whether some of the trends emerging inearly 2020 will lead to further structural change, or whetherthe world economy will simply return to business-asusual. After the 2008-2009 financial crisis, global emissionsdecreased by 1 per cent in 2009 but rose by 5 per cent insubsequent years due to recovery investments.Climate change is a global phenomenon. Fosteringsustainable development while limiting climate change to wellbelow 1.5 C, as stipulated in the Paris Agreement, will requirethe mobilisation of finance at a historic scale. Over the next15 years, it is estimated the world needs about USD 90 trillionin climate smart infrastructure – most of it in developingcountries. Investing in green, climate-resilient developmentwill help mitigate the impacts of climate change and enablevulnerable societies adapt to its negative effects. Climatefinance plays a vital role in accelerating the implementation bycountries of their Paris Agreement climate priorities, knownas Nationally Determined Contributions (NDCs), and inadvancing the Sustainable Development Goals (SDGs) by 2030.As a result of the COVID-19 pandemic, the world is facing ahumanitarian tragedy and the broadest economic collapsein generations. But this does not reduce the need to addressclimate change. While the COVID-19 pandemic and theclimate crisis are seemingly unrelated, they are both criticalelements of a broader sustainability challenge that includesbiodiversity loss, air pollution, and ocean plastic waste.Despite an initial decline of greenhouse gas emissions dueto national economic slowdowns caused by COVID-19, theeffects of the pandemic will not slow the cascading onsetof global heating unless urgent climate action is taken. TheGGGI.ORG3GREENCLIMATE.FUND
Enhancing Access to Climate Finance through Readiness SupportCatalysing climatefinance and COVID-19climate-resilient recoveryAgainst the background of the deep humanitarian andfinancial crisis unleashed by COVID-19, continued effortsto assist climate-resilient development, mitigation andadaptation initiatives will be critical to developing countries.Already the most vulnerable to climate impacts, they arelikely to suffer the most from COVID-19. Food insecurity andpoverty are particularly pronounced among vulnerable groups,including women and youth. In April 2020, the World FoodProgramme (WFP) Executive Director told the UN SecurityCouncil that the number of people on the brink of starvation,facing a crisis level of hunger, could double from 135 millionpre-COVID-19 to 265 million by the end of 2020.GGGI and GCF are uniquely positioned to contributeto sustainable recovery in developing countries bysupporting climate investments that also provide importantsocio-economic benefits, including jobs. Studies showthat per USD invested, two to three times more green jobsare created by renewable energy and energy efficiencyprojects than the brown jobs created by fossil fuel projects.Many development projects have the potential to achievethis dual objective, including renewable energy, energyefficiency and nature-based adaptation initiatives. Investmentin climate-resilient agriculture, water managementand sanitation can protect livelihoods and restoreecosystem services.Climate investments that foster a paradigm shift towardslow-emission, climate-resilient development will complementoptions being considered by global and national leaders tohelp countries recover from the devastating socio-economiceffects of the pandemic. The co-benefits from suchinvestments will contribute to job creation and food securityamong other socio-economic benefits.Both organisations are taking adaptive measures to helpdeveloping countries carry out a climate-resilient recoveryto the pandemic. COVID-19 recovery plans create anopportunity to build back better, and recent findings showthat there is public support for greening COVID-19 recoveryplans. While the primary objective of these recovery plans willbe to generate short-term employment and income to restarteconomies, the significant investments involved can also playan important part in accelerating climate action.Developing countries may not have the financial resourcesto consider billion and trillion dollar stimulus packages.Constrained by debt and inflationary pressures, they willneed to use scarce public resources to catalyse largerpublic and private financial flows to revive their economiesand foster green growth. The full impact of the COVID-19pandemic is still unfolding. Still, the pressure is alreadymounting on governments to invest in COVID-19 recoverypackages while facing budget shortfalls, rising debt, anddeclining tax revenues.In terms of the Readiness Programme, GCF measures includeproviding blanket no-cost extensions for eligible grants for upto six months, additional resource allocation to meet budgetshortfalls and increased flexibility in budget re-allocation. Inaddition, developing countries can request for a standardisedrapid readiness grant to craft climate-resilient recoverymeasures and strategies; incorporate these measures intoNDCs and stimulus packages; explore innovative financingapproaches without adding to a country’s debt burden; anddevelop concept notes for green recovery projects.For countries that can afford recovery packages, there isa crucial choice between designing economic recoveriesto restart the brown economy or seizing the opportunityto accelerate the transition to a green economy. A greeneconomy approach would be a deliberate choice to buildback sustainably.GREENCLIMATE.FUND4GGGI.ORG
The Global Green Growth Institute and Green Climate Fund partnershipGGGI and GCF strengthenties to help mobilise financeBoth GGGI and GCF are well placed to address constraintsfaced by developing countries in enhancing their ability tomobilise climate finance to where it will deliver the greatestimpact, including a dearth of institutional capacity. The GGGImandate is to help develop a low-carbon, resilient world ofstrong, inclusive and sustainable growth. The Institute workswith its Members and partners to mobilise finance in supportof climate action plans and projects aiming to achieve climatetargets. GGGI has already helped mobilise over USD 1 billionin green investments and climate finance. GGGI has donethis by supporting countries tap into financing from diversesources, including bilateral aid, multilateral developmentbanks, and the private sector.GGGI and GCF have already established a strong track recordof collaboration in using the GCF Readiness Programmeto support developing countries’ paradigm shift towardslow-emission, climate-resilient development. Thesetwo global organisations based in the Republic of Korea,strengthened their common goals and ability to deliver resultsin developing countries by signing a Framework Readinessand Preparatory Support Grant Agreement in 2017. Underthis strategic partnership, GGGI supports its Members andpartners to enhance access to GCF financing through GCF’sReadiness Programme.To ensure that GGGI remains a neutral adviser to governments,it carries out this work as a Readiness Delivery Partner. It isnot a GCF Accredited Entity, which proposes and carries outclimate finance projects that are approved at regular GCFBoard meetings. Over 20 countries have requested GGGI toact as a Readiness Delivery Partner. GGGI’s in-country teamshave supported 21 GGGI’s government partners access overUSD 19 million in GCF-approved Readiness funding andsubmitted over USD 12 million of Readiness proposals.GCF has become a critical source of climate finance. Set upby the United Nations Framework Convention on ClimateChange (UNFCCC) in 2010 as a financing mechanism of theConvention, it is now the largest dedicated fund deliveringclimate finance for developing countries. GCF helpscountries realise their NDCs by assisting them implementtransformational climate mitigation and adaptation action.The GCF readiness and preparatorysupport programmeThe Green Climate Fund (GCF)This programme provides resources and technicalassistance to develop policies, strategies andmechanisms for low-emission investment. It can alsobe used to enhance the capacity of NDAs, DAEs, CivilSociety Organizations (CSOs), and the private sector toenhance climate finance coordination and integratedcountry programming. NDAs can submit a Readinessproposal for up to USD 3 million over 3 years, within acap of USD 1 million per year. Each country can alsoaccess up to USD 3 million for adaptation planning.GGGI.ORGGCF is the world’s largest dedicated climate financefund. It was set up by the UNFCCC in 2010 as a uniqueglobal platform mandated to make an ambitiouscontribution to the global response to climate changeby investing in low-emission and climate-resilientdevelopment. GCF supports the efforts of developingcountries and vulnerable communities to raise andrealise their climate ambitions and actions.5GREENCLIMATE.FUND
Enhancing Access to Climate Finance through Readiness SupportGGGI’s Readiness Programme activitiesAs a Readiness Delivery Partner, GGGI can supportthe Readiness Programme implementation throughvarious interventions. In Lao PDR, concept notes have been drawn up whichmainstream climate change into urban managementand planning - with a focus on investment andinfrastructure that improves flood management and utilizesclimate-resilient buildings.Private sector mobilizationStakeholder engagement & capacitybuilding In Mongolia, GGGI’s Readiness activities have focused ondeveloping the Mongolia Green Finance Corporation asa market instrument to mobilise private financing to helpreach the greenhouse gas (GHG) reduction targets definedin Mongolia’s NDC. In Indonesia, Lao PDR, Mexico, Papua New Guinea, thePhilippines, and Uganda, GGGI’s Readiness activities aresupporting the development and updating of GCF CountryProgrammes (which help match national climate actionplans with GCF climate finance support). In Vanuatu, GGGI helped to establish the National GreenEnergy Fund as a tool for the government to leverageprivate capital to spur public and private sector investmentsin renewable energy and energy efficiency.Supporting direct access entities In Burkina Faso, Cote d’Ivoire, Fiji, Guyana, Indonesia,Jordan, Mexico, Mozambique, Myanmar, the Philippines,Uganda, and Vanuatu, GGGI’s Readiness work is helpingorganisations apply to become GCF’s new DAEs.Access to climate finance GGGI’s Readiness work is helping Burkina Faso, Cambodia,Cote d’Ivoire, Ethiopia, Fiji, Guyana, Indonesia, Jordan,Mexico, Morocco, Mozambique, Myanmar, the Philippines,Uganda, and Vanuatu access climate finance by developingupwards of 70 concept notes to submit to GCF.Adaptation planning Readiness will support the preparation of Rwanda’s NationalAdaptation Plan for submission to the UNFCCC and inbuilding flood resilience in Rwanda to produce precise andimplementation-ready planning and improve the capacityof the private sector and practitioners to mainstreamadaptation and resilience practices into their planning,design and construction. Following the completion of a Readiness Programmeinitiative in Mongolia, national DAE XacBank submitted aGCF funding proposal for the Mongolia Green FinanceCorporation worth USD 70 million. In Thailand, GGGI’s Readiness activities have resulted in thedevelopment of a green investment plan to reduce GHGemissions and enhance the competitiveness of the foodindustry - which accounts for about 7.2 per cent of thecountry’s GHG emission in 2017. In Sri Lanka, Readiness aims to build the resilience of themost vulnerable sectors and communities to adverseclimate effects by strengthening the country’s ability toimplement its National Adaptation Plan. This will includedeveloping provincial adaptation plans; supporting climatechange adaptation mainstreaming into developmentplanning and budgeting; building stakeholder capacities;and supporting the establishment of a climate informationsystem and national adaptation fund. In Rwanda, concept notes for the development of greensecondary cities and eco-industrial parks were developed aspart of GGGI’s Readiness work.USD 19.6 million in GCF approvedReadiness fundingCompleted in 7 countries (Guyana, LaoPDR, Mongolia, Papua New Guinea,Rwanda, Thailand, and Vanuatu)In progress in 17 countries(Burkina Faso, Cambodia, Coted’Ivoire, Ethiopia, Fiji, Indonesia,Jordan, Lao PDR, Mexico,Morocco, Mozambique, Myanmar,the Philippines, Rwanda, Sri Lanka,Uganda, and Vanuatu)Proposals submitted for 11 countries(Angola, Colombia, Dominica, Ethiopia,Guyana, Jordan, Lao PDR, Paraguay, Togo,Vanuatu, and Zambia)GREENCLIMATE.FUND6GGGI.ORG
The Global Green Growth Institute and Green Climate Fund partnershipREADINESS IN ACTIONMongolia lacks the resources to finance its plannedtransition to a low-carbon and resource-efficient economyand achieve its NDC target. The financing needed to achievethese goals is estimated to be USD 3.5 billion, or 35 per centof its GDP. Despite a supportive policy environment, boththe Government of Mongolia and the domestic financialsector are unable to deliver finance at scale due to the highcost of capital and a lack of knowledge about green financeand its opportunities. Until recently, Mongolia’s existinggreen financing facilities have lacked the scale needed togenerate transformational impacts.Supporting greenfinance in MongoliaMongolia’s Ministry of Environment and Tourism (MET)oversees climate policy planning and implementation.While acting as GGGI’s host Ministry in country and GCF’sNDA, it is the focal point of GGGI-GCF collaboration inhelping Mongolia enhance its NDC.the short term on energy efficiency. Preliminary assessmentshave identified pressing needs in Mongolia to reduce airpollution from burning wood and raw coal for heating ininefficient cooking stoves in informal settlements surroundingthe capital Ulaanbaatar known as gers. During winter,Ulaanbaatar experiences some of the worst air pollution ratesin the world. The MGFC is also intended to help finance thethermal retrofitting of housing units and public buildings, andreplace highly energy intensive equipment used in industry.This Readiness grant funded by GCF with GGGI acting as theDelivery Partner has supported XacBank, a Mongolian privatesector direct access entity, develop a climate finance projectto submit for GCF Board approval. This project is designedto create the Mongolia Green Finance Corporation (MGFC),a public fund based on a private sector initiative. It aims toprovide medium and long-term credit resources, lower costcredit resources to reduce interest rates to end-borrowers,and set up a risk-sharing facility for participating banks.This Readiness grant has supported three market assessments,and the further development of a concept note to establishthe MGFC as part of a funding proposal to GCF. GGGI’sReadiness work has also helped XacBank submit a successfulapplication to GCF’s Project Preparation Facility (PPF), aspecial financing window of up to USD 1.5 million for eachapplication designed to ease access to GCF resources.The rationale of the MGFC is to disburse resources to financialinstitutions that support green projects, with an emphasis inGGGI.ORG7GREENCLIMATE.FUND
Enhancing Access to Climate Finance through Readiness SupportREADINESS IN ACTIONThailand is committed to reducing GHG emissions by 20-25per cent from business as usual by 2030 as agreed underthe Paris Agreement. To meet these targets, the countryhas developed an NDC Roadmap on Mitigation 2021–2030,which details how the country can achieve its targets byreducing emissions in major sectors. The industrial sectoris expected to play the largest part, with a plan for it torepresent 8 per cent of the total 20 per cent GHG emissionsreduction goal. Thailand is exploring international resources,in addition to limited domestic resources, to fund alow-carbon transition. GCF financing has been identified asa national priority.Reducing industrialemissions in ThailandThe Office of Natural Resources and Environmental Policyand Planning (ONEP), under the Ministry of NaturalResources and Environment, is Thailand’s NDA with GCF. Itis mandated to handle all climate finance matters. GGGIhas been working with ONEP since 2014. To help accelerateNDC implementation, GGGI supported the development ofThailand’s Industry GHG Reduction Roadmap in 2016, theNDC Action Plan for the Industrial Sector in 2017, and an NDCcapacity needs and gaps assessment in 2018.in industrial green project development. This includes aproposed investment plan for green growth investmentopportunities in Thailand’s food processing industry. Thisplan was developed in close consultation with the privatesector, particularly small and medium-sized enterprises(SMEs) - that traditionally have limited access to financedue to a lack of credit history, collateralisation, and reliablefinancial statements. To overcome these financial barriers, acredit guarantee has been proposed with an existing supportscheme from the government to initiate two new financingfacilities: The Green Growth Loan Facility and the Solar PVRooftop Green Bond Facility. These facilities are designedto encourage investment in green technologies that notonly reduce industrial production costs but also help reducenational GHG emissions.To achieve its NDC targets, GCF’s Readiness support hasassisted the ability of Thailand to strengthen project evaluationprocesses and develop a sectoral investment plan with thepotential to develop a climate finance project pipeline.Through the GCF Readiness Programme, Thailand is nowin a better position to access GCF financing, especiallyGREENCLIM
USD 19 million in GCF-approved Readiness funding and submitted over USD 12 million of Readiness proposals. The GCF readiness and preparatory support programme This programme provides resources and technical assistance to develop policies, strategies and mechanisms for low-emission investment. It can also
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