Climate Finance

Enhancing climate finance in the Pacific region

 

Climate Finance Unit (CFU) at the Pacific Community 

Climate finance is critical for Pacific Small Islands Developing States (PSIDS) to be able to address climate change. Effective adaptation and climate-resilient development in PSIDS are predicated on proper access to financial, technological, and human resources. However, the global climate finance landscape is complex, including many funds, each with different objectives and requirements to access financing.

In this context, the Climate Finance Unit (CFU) within the Climate Change and Environmental Sustainability (CCES) programme supports the Pacific Community (SPC)’s member countries in the development, management and implementation of climate change projects with the Green Climate Fund (GCF), the Adaptation Fund (AF) and other funding mechanisms. CFU also supports SPC’s technical divisions in enhancing their familiarity with the modalities of the GCF and AF, and in formulating climate change project proposals. 

Approved projects and programmes  

Projects
Programmes		 Total project value (USD) Theme Financing instrument  Environmental and Social Safeguards (ESS) Category Status
Strengthening the Adaptive Capacity of Coastal Communities of Fiji to Climate Change through Nature-Based Seawalls

5.7 million

Adaptation (Full-sized project)

Grant

Category B

Under implementation (2024-2029)
GCF FP169 – Climate change adaptation solutions for Local Authorities in the Federated States of Micronesia (FSM) 19.7 million Adaptation
(Enhancing Direct Access pilot)		 Grant Category B Under implementation (2021-2028)
GCF APA-RS-002 – Building capacity of regional direct access entity and national designated authorities to foster climate action in the Pacific  1.9 million Readiness support Grant N/A Under implementation (2022–2025)
GCF FSM-RS-003 - Institutional capacity and coordination for pipeline strengthening - Readiness phase III   Readiness support Grant N/A  
GCF FSM-RS-002 – NDA strengthening and country programming support for the FSM – Readiness phase II 992,452 Readiness support Grant N/A Completed
GCF FSM-RS-001 – NDA strengthening and country programming support for the FSM – Readiness phase I 300,000 Readiness support Grant N/A Completed (2016-2018)
GCF FP191 - Enhancing Adaptation and Community Resilience by Improving Water Security in Vanuatu 28.3 million Adaptation (Full-sized project) Grant N/A Under implementation (2022-2027)
AF - Resilient Coastal Fisheries and Aquaculture in Nauru 7.9 million Adaptation (Full-sized project) Grant Category B Under implementation (2023-2028)
AF - Adaptation of Small-Scale Agriculture for Improved Food Security of Resilient Communities in Papua New Guinea (ASSA) 10 million Adaptation (Full-sized project) Grant Category B Under implementation (2023-2028)

 

Questions and answers

The GCF is the largest global climate fund designated to respond to climate change by investing in low-emission and climate-resilient development in developing countries. It finances projects and programmes to mitigate greenhouse gas emissions and help vulnerable societies adapt to the unavoidable impacts of climate change. The GCF was established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) as an operating entity of the Financial Mechanism. 

The AF finances concrete adaptation projects and programmes that help vulnerable communities in developing countries to reduce their vulnerability to the adverse effects of climate change. It was established under the Kyoto Protocol of the UNFCCC.

Both Funds now serve the Paris Agreement and target 14 eligible countries* in the Pacific region.

*Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, Vanuatu

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Since 2016, SPC has been a delivery partner for GCF Readiness grants. Since 2019, SPC has been a regional direct access entity to GCF and is accredited to support:

  •  Readiness grants; 
  • Micro (up to USD 10 million) and Small (USD 10–50 million) sized projects and programmes;
  • Project management and grant funding;
  • Category C (low) and Category B (medium) environmental and social risks.

Thus, SPC can: 

  • Submit GCF Readiness applications and act as delivery partner for GCF Readiness grants;
  • Develop and submit concept notes and funding proposals to the GCF;
  • Access Technical Assistance (TA) from the GCF to guide concept note development;
  • Access the Project Preparation Facility (PPF), to get financial support for project and programme preparation;
  • Implement projects once approved by the GCF.
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Since 2021, SPC has been a Regional Implementing Entity for AF projects and programmes. The organisation is accredited to support:

  • Small (up to USD 1 million) and Regular (up to USD 10 million for single-country projects / up to USD 20 million for regional projects) size projects and programmes;
  • Project management and grant funding.

Thus, SPC can:

  • Develop and submit concept notes and funding proposals to the AF;
  • Access Project Formulation Grants (PFG), to get financial support for project and programme preparation;
  • Implement projects once approved by the AF.
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Contact

For more information, please contact: [email protected].

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Author(s)

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Climate Change and Environmental Sustainability
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Climate Change and Environmental Sustainability