The Green Climate Fund will support climate financing in the Central American region through CABEI
CABEI becomes the first entity in Central America to obtain accreditation with the GCF, and the fourth regional entity for Latin America and the Caribbean to be accredited under the Fund’s standards.
Apia, Samoa, December 14, 2016. – Today, the Central American Bank for Economic Integration (CABEI) was accredited as a regional entity with direct access to the Green Climate Fund (GCF) at the fifteenth meeting of the GCF Board of Directors (B.15).
In this sense, CABEI becomes the first entity in Central America to obtain accreditation with the GCF, and the fourth regional entity for Latin America and the Caribbean to be accredited under the Fund’s standards.
The Green Climate Fund, which is based in Songdo, Republic of Korea, is the multilateral financing mechanism adopted by the United Nations Framework Convention on Climate Change (UNFCCC). To date, it has financial commitments with donor countries exceeding US$10 billion, making it the largest Climate Fund globally.
As an accredited entity of the GCF, CABEI will strengthen support for its member countries in order to meet the commitments and goals agreed upon in the different climate change conventions and to implement Nationally Determined Contributions (NDC) through the execution of regional and national projects and programs that contribute to increasing the resilience of communities to climate change and climate variability.
CABEI Executive President Dr. Nick Rischbieth stated that, “CABEI's accreditation demonstrates the Bank's clear actions to meet the needs and priorities of its member countries. The Bank’s actions are also in line with the guidelines established by CABEI's Board of Governors through the Declaration of CABEI’s Commitment to Promoting and Supporting Financing for Climate Change Adaptation and Mitigation.”
In addition, Dr. Nick Rischbieth highlighted CABEI’s main role in Central America as a catalyst for financial resources, facilitating greater and better possibilities for the region to boost climate financing through its accreditation with the Adaptation Fund (2015) and with the Green Climate Fund. During the last 2010-2014 strategic period, CABEI approved US$7.62 billion for development interventions in its member countries; an estimated 67% of the financing involved measures for climate change adaptation and mitigation.
At the end of his speech, Dr. Nick Rischbieth declared that, “Today more than ever, the Bank assumes significant commitments and challenges to attend the priorities and needs of its member countries through the design and implementation of projects and programs that promote sustainable development and regional integration. By means of the GCF, CABEI hopes to further boost public and private climate investment in the Central American region, especially in countries most vulnerable to climate change.
