Introduction to GCF Funding for Projects Lao PDR
- Slides: 19
Introduction to GCF Funding for Projects Lao PDR National Dialogue GEF-GCF Vientiane, 12 -14 Feb 2019 Janie Rioux, Agriculture and Food Security Senior Specialist Chibesa Pensulo, Water Specialist Green Climate Fund
Outline 1. 2. 3. 4. 5. 6. 7. GCF allocation and results areas Investment criteria Business model Project cycle and assessment Funding windows Portfolio overview Examples of projects in the region
GCF Allocation Framework ALLOCATION FRAMEWORK • 50/50 split between adaptation & mitigation • Geographic balance • 50% of adaptation resources for SIDS, LDCs and African States • Significant allocation to Private Sector Facility • Sufficient resources for readiness activities • Grant equivalent term
GCF eight Strategic Result Areas To promote a paradigm shift to low- emission and climate- resilient sustainable development
Six Investment Criteria against which proposals are assessed Impact potential Paradigm shift potential Potential to contribute to achievement of Fund's objectives and result areas Catalyze long-term impact beyond a one-off investment Sustainable development potential Wider economic, environmental, social (gender), health co-benefits Country ownership Degree to which the project fits within the beneficiary country’s existing policies, climate strategies and institutions Economic (and financial) soundness, as well as cost-effectiveness and leveraging of co-financing Efficiency & effectiveness Responsive to needs of recipients Vulnerability and financing needs of beneficiary country and extent to which the project addresses vulnerable groups
Financial Instruments Concessional Loans Reimbursable grants Equity Grants Guarantees
A Diverse Network of Partners 75 entities accredited to date Morocco Senegal Antigua & Barbuda China Namibia China Fiji Bangladesh Argentina Korea Rwanda Ethiopia India Kenya Bangladesh Peru Indonesia India South Africa Mongolia
Proposal Approval Process 1 - project idea From project origination to Board approval 2 - concept note 3 - funding proposal submission 4 - proposal review and assessment Secretariat + Panel 5 - Board decision 6 - Legal arrangement
NDA Stage 1 Completeness check and preliminary review Completeness of documentation and level of detail Technical soundness Climate rationale Stage 2 Inter-Divisional Secretariat Assessment Technical assessment Performance against investment criteria Compliance with GCF safeguards & policies Stage 3 Independent Technical Advisory Panel Technical assessment Performance against investment criteria Stage 4 Submission to the GCF Board Accredited Entity Funding Proposal Review Process
Completeness of Funding Proposal Package Project documentation: • Funding Proposal • No-objection letter from the country NDA • Feasibility study -> providing climate rationale, proposed options, economic & financial analysis • Detailed budget and procurement plan • Logical framework • Stakeholder consultations • Environmental and social impact assessment, and management plan • Gender assessment and action plan • Risk assessment and management framework
Project Preparation Facility PROJECT PREPARATION FACILITY (PPF) What is on offer? Support for project / programme development Especially micro-to-small size projects Up to USD 1. 5 M per project preparation request How to apply? Accredited entities, especially direct access, submit requests Request submitted with project / programme concept In conjunction with no-objection letter from NDA / focal point What is assessed? Secretariat assesses concept against investment criteria Also assesses request for justification of needs & GCF policies GCF Executive Director approves request
Simplified Approval Process (SAP) Eligibility criteria Ready to be scaled-up, with potential for transformational impact 1 2 3 GCF funding of up to USD 10 million Minimal to no environmental & social risks
SAP - What has been simplified? Standard project/programme Preparation Review Approval Disbursement SAP project/programme Full studies & appraisals Lengthy funding proposals (average 70 pages) Simpler documents to prepare (e. g. pre-feasibility study, ESAP, etc. ) Case-by-cases Aim for: § 2 weeks for CNs § 4 weeks for FPs Rolling-basis review both by Secretariat & ITAP At regular Board meetings (34 times a year) At regular Board meetings; In -between Board decision to be considered Average 407 days until 1 st disbursement Piloting faster disbursement (depending on the complexity of the project structure/design)
Request for Proposals for REDD+ Results-Based Payment • Size of envelop: USD 500 million • Eligibility period of results: 31 December 2013 (time of adoption of the Warsaw Framework for REDD+) until 31 December 2018 • Financial valuation of results: USD 5 / t. CO 2 eq • GCF payable amount: a country can submit more than one proposal up to maximum 30% of the total envelop • Application period: from October 2017 until the last meeting of the Board in 2022 • More information: www. greenclimate. fund/how-we-work/redd
GCF Private Sector Strategy I. II. Take more risk to crowd in finance for paradigm shift e. g. (i) local currency financing and (ii) more equity / less debt Support the development of climate-compatible financial systems e. g. (i) readiness, financing for national climate banks and (ii) support to build capital markets for “green” securities Act as a “market maker” for sector transformation III. IV. e. g. (i) strengthened GCF Country Programs and (ii) targeted programs and RFPs to implement national sector priorities Improve impact and engagement with PS e. g. Project cycle (“notification”) and accreditation reforms
Portfolio Overview 93 projects and programmes $4. 6 billion GCF funding and $11. 7 billion co-financing 272 million people with increased resilience 1. 4 billion tonnes CO 2 eq avoided 25% 36% 39% Adaptation Mitigation Cross-Cutting Status as of B. 21
Examples of approved projects in the region Cambodia : Climate-friendly agribusiness value chains sector project (ADB) Cross-cutting (adaptation) project: $30 M grant, $10 M loans, $100 M co-financing 1. 4 M beneficiaries, and 240 K tonnes of CO 2 eq avoided Bhutan: Bhutan for Life- support forest management and protected areas (WWF) Cross-cutting (mitigation) project: $27 M grant, and $90 M co-financing 35 M tonnes of CO 2 eq avoided, and 145 000 beneficiaries Vietnam: Scaling up energy efficiency for industrial enterprises (World Bank) Mitigation project: $75 M guarantee, $11 M grant, $400 M co-financing 120 M tonnes of CO 2 eq avoided
Approved Projects www. greenclimate. fund/projects/browse-projects
For more info, visit www. greenclimate. fund Janie Rioux GCF Agriculture and Food Security Senior Specialist jrioux@gcfund. org Chibesa Pensulo GCF Water Specialist cpensulo@gcfund. org
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