Climate Finance from the GCF

The Green Climate Fund (GCF)

The GCF is the largest global climate fund. It was established in 2010 as an operating entity of the Financial Mechanism of the UNFCCC to support the efforts of developing countries to respond to the challenge of climate change. The main goal of the GCF is to help developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change and to promote a paradigm shift to low-emission and climate-resilient development.

The GCF has approved one multi-country project in which Trinidad and Tobago is participating for a total funding amount of 16.7 USD million. The GCF has also approved a total of 1.7 USD million for readiness support for five (5) readiness activities. The readiness facilities being implemented are expected to facilitate further engagement between the GCF, the Government of Trinidad and Tobago and other stakeholders.

GCF Areas of Action

The GCF has defined various mitigation and adaptation areas of action in which it seeks to invest:

Source: Green Climate Fund

The GCF Investment Framework is the key guiding framework which informs the GCF programming and decision-making. It sets out six (6) investment criteria, sub-criteria, and indicators. Accredited Entities are responsible for giving due consideration to the investment criteria for the preparation of funding proposals and their subsequent monitoring and reporting under the GCF Investment Framework.

The GCF provides climate finance using various financial instruments.

Readiness support

The GCF approved the readiness support NDA Strengthening and Country Programming Support for Trinidad and Tobago implemented through CCCCC on November 8th 2019 which aims to support the NDA (Ministry of Planning and Development of T&T) to engage with the GCF through two outcomes: (i) strengthen the technical and institutional capacity of the NDA to undertake Fund-related responsibilities and (ii) develop capability to formulate strategic investment priorities for engagement with the Fund through the development of a strategic framework.

GCF AEs in Trinidad and Tobago

There are no Direct Access National “Accredited Entities” (AE) in Trinidad and Tobago. However, the Environmental Management Authority (EMA) and the Institute of Marine Affairs (IMA) are in the process of pursuing Delivery Partner status.

The Trinidad and Tobago NDC Implementation Plan identifies various responsible institutions under the different activities and which could benefit from becoming AEs under the GCF: MPU, MEEI, MOWT, T&TEC, the IPPs, the Energy Chamber or RIC.

Trinidad and Tobago Climate Finance monitoring

Trinidad and Tobago began the process of developing a National Climate Mitigation Monitoring, Reporting and Verification (MRV) system intended to facilitate tracking of progress and outcomes (emission reductions and contributions to sustainable development) of efforts to reduce GHG emissions and the resources devoted to doing so (whether internationally or domestically sourced). This MRV system will include systems for tracking the allocation and use of climate finance resources for the purpose of reporting internationally and identifying resource needs.