FSM Endorses its country program for The Green Climate Fund
- Category: News
- Published: Tuesday, 10 April 2018 03:22
- Written by Bill Jaynes
- Hits: 408
First in the Pacific and fourth globally
PALIKIR, FSM — The Federated States of Micronesia has completed its Country Program for the Green Climate Fund and President Peter M. Christian has endorsed the document. FSM is the first Pacific country to submit a Country Program to the Green Climate Fund, and is now set to start developing its nationwide priority projects and begin accessing climate change financing from the Fund.
The FSM Country Program has been in development since the inception workshop in November 2016. A final workshop to validate the ‘green growth’ oriented Country Program and its projects portfolio was held in August 2017 in Pohnpei State. The Country Program is an outcome of nationwide stakeholders’ engagement in addressing the FSM’s financing needs for resilient development. For the first time, FSM has a consolidated framework to develop large scale, cross-sectoral projects and programs which can transform its economy into a ‘green economy’ and make sure our communities thrive while adapting to climate change.
The FSM is one of the 46 countries that have received GCF readiness grants to strengthen their engagement with the Fund. Upon finalization of its Country Program, the FSM joined Zambia, Antigua & Barbuda and Rwanda as one of only four countries in the world to have a country program that will maximize access to the largest climate fund in the world. With over USD 10 billion in pledges, the fund is almost twice the size of the Adaptation Fund, and three times larger than the Global Environmental Facility (GEF) trust funds.
The FSM National Designated Authority Office for the GCF has recently conducted project development workshops in each of the FSM states and has a priority list of projects. Accredited Entities to the Green Climate Fund will now be sought to further develop proposals and take the FSM closer to its climate change goals.
(The FSM GCF Project/Programs Development Workshop was held in Yap State on February 21 – 22, 2018 at the Yap Small Business Development Center conference room, with participation from the public and private sectors.)
A copy of the FSM Country Program can be found online at http://dofa.gov.fm/gcf/