At its21st meeting held frokmk 17-20 October 2018 on Bahrain, the Green Climate Fund approved the accreditation of the Protected Areas Conservation Trust making PACT the first GFC Direct Access Entity in Belize and the second in the Caribbean. As an accredited entity to the GDF, PACT will be able to access and distribute GCF grant resources in Belize to support climate mitigation or adaption actions through micro prjects of up to USD$10M in the category of minimal to no environmental or social risk. PACT succeeded in its application for accreditation to the GCF after undergoing a detailed assessment against GCF standards to assess the strength of its financial management and its capacity to safeguard projects against environmental and social risks.
Hon. Dr. Omar Figueroa, Minister with responsibility for PACT noted that “by being an accredited entity of the GCF. PACT can help the country to more readily access financing to advance the implementation of Belize’s National Climate Change Policy & Plan, and contribute to implementing and scaling up climate change projects in Belize. Knowledge of successes and challenges through such financing experience can help us to design interventions that better increase climate change resiliency.”
PACT’s track record in climate change includes investments approximating BZ $1.5M of its own funds in several climate-related activities across Belize, in the last five years. Additionally, PACT is currently assisting the Government in the investment of approximately BZD $47.8M in in-country projects with climate-related components financed by third-party sources such as the German Development Bank (KfW). Global Environment Facility (GEF). Forest Carbon Partnership Facility (FCPF) and the Adaptation Fund.
The Green Climate Fund (GFC) was established by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010. The Fund was created to support developing countries in responding to the challenfes of climate change by mitigating their greenhouse gas emissions and adapting to climate change. Particular attention is given to Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States. The GCF’s activities are aligned with the priorities of developing countries through the principle of country ownership, and the Fund has established a direct access modality using a fit-for-purpose accreditation process, so that national and sub-national and sub-national organizations can receive funding directly, rather than only via international intermediaries.
This achievement was made possible through a dedicated and concerted effort by the Board, management and staff of PACT, through its own human and financial resources; a process which entailed internal prioritization as well as strengthening and creation of frameworks. PACT and the GCF will now move to the preparation of an Entity Work Plan to kickstart the process of proposal development. Local partners interested in more information on PACT’s GCF portfolio can contact the office.