Accreditation Master Agreement Gcf
GCF, based in Songdo, is a global fund created to support the efforts of developing countries to respond to the challenge of climate change. It was created in 2010 by 194 governments to limit or reduce greenhouse gas emissions in developing countries and catalyse a flow of climate finance to invest in low-carbon and climate-resilient development. In June 2017, 42 countries and one city signed contribution agreements with GCF worth $10.1 billion of the $10.3 billion pledged. GCF cooperates exclusively with accredited bodies to support climate change and adaptation projects and programmes. WADA`s signature today is the culmination of the ADB accreditation process, approved in March 2015, which allows the ADB to apply for GCF funds for all project sizes as well as all categories of environmental and social risks. These funds would be in addition to ADB`s own commitment to provide $6 billion a year in climate finance by 2020. “Through this agreement, we will be able to direct more climate finance and more partnerships to the Pacific to ensure that sustainable financing and attention is drawn to the region, particularly to Pacific Island States (CIPs) that face their most existential threat in climate change,” said Cameron Diver, SSC Deputy Director General. WaDA agreed – a framework agreement defining the general rights and obligations of an accredited body and the GCC – will allow the ADB to access a new source of funding to further strengthen its mitigation and adaptation efforts in Asia and the Pacific. This agreement will help expand SSC`s current portfolio to climate change, adaptation and resilience projects, through which SSC provides its members with a wide range of services. These include grants, technical assistance, scientific information, knowledge, technology, policy advice, capacity building and management support. The current GCF accreditation of the ADB is valid until March 2020, subject to refinancing every 5 years. After obtaining accreditation in 2015, the AFC said in a statement that it was one of the first African development finance institutions to sign such an agreement. “Similarly, the GCC favours highly fragile societies, particularly the least developed countries (LDCs).
Given that AFC is also fuelled by a belief in sustainable economic growth, this synergy is an excellent recipe for success in all respects. “As a dynamo of global economic growth, with the Asia-Pacific region continuing to record the strongest growth in the world, this region plays a key role in the fight against climate change,” said Raul Herrera, General Counsel of the GCF in place. “Asia`s critical importance in addressing the climate challenge and the GCC`s mandate to pursue low-carbon, climate-resilient development around the world means that a joint strategic approach between the GCF and ADB in this area is indispensable.” “After WADA`s signature, AFC will have access to direct funding through GCF, rather than through intermediaries or third parties. MANILA, PHILIPPINES (August 17, 2017) – The Asian Development Bank (ADB) and the Green Climate Fund (GCF) today signed an Accreditation Master Agreement (AMA) that enables ADB to access and manage GCF funds and disburse the Bank`s climate finance to their developing countries. Based in Manila, ADB is dedicated to fighting poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Founded in 1966, ADB celebrates 50 years of development partnership in the region. It is owned by 67 members – 48 from the region. In 2016, ADB assistance totalled $31.7 billion, including $14 billion in co-financing. . .