The National Environment Management Authority (NEMA) got accredited as an Implementing Entity under Direct Access with Green Climate Fund (GCF) in March 2016. It is now one of the 33 institutions globally authorized to carry out GCF projects. As such, NEMA can carry out a series of activities which include developing and submitting funding proposals for projects and programmes, overseeing management and implementation of projects and programmes, deploying a range of financial instruments within its capacity and mobilizing private sector capital.
Accredited entities refers to National legal entities/organizations nominated by National Designated Authorities (NDAs) and accredited by the GCF to design eligible projects for funding from the GCF. These entities bear full responsibility for the overall management of the project and programmes in terms of financial, monitoring and reporting responsibilities. In Kenya, the National Treasury (NDA) serves as the point of communication with the Fund.
About the Green Climate Fund
The Green Climate Fund was established by the Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010 to respond to climate change by investing into low-emission and climate-resilient development. This Fund provides support/funds to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change, taking into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change. Given the urgency and seriousness of the challenge, the Fund is mandated to make an ambitious contribution to the united global response to climate change. GCF is recognized as the key finance mechanism in the recently signed Paris Agreement.
Administratively, GCF is a legally independent institution with a fully independent secretariat headed by an Executive Secretary whose operations are based in Songdo Korea. The World Bank serves as the interim trustee of the GCF, and the Fund functions under the guidance of and remains accountable to the UNFCCC Conference of Parties.
GREEN CLIMATE FUND’S RESULT AREAS
GCF has eight results areas that have been targeted because of their potential to deliver a substantial impact on mitigation and adaptation. The eight results areas cover both mitigation and adaptation and provide the reference points that will guide the Fund and its stakeholders to ensure a strategic approach when developing programmes and projects, while respecting the needs and priorities of individual countries. This is as shown in the diagram below:
GREEN CLIMATE FUND’S INVESTMENT FRAMEWORK/CRITERIA
The Fund seeks to ensure that its investments drive a paradigm shift towards low emissions and climate resilience. To actualize this, the fund has six investment criteria as follows:
- Climate impact potential
Potential to achieve the GCF's objectives and results to shift towards low emission and climate resilient economic development
- Paradigm shift potential
Potential to catalyze impact beyond a one-off project or programme investment
- Sustainable development potential
Potential to provide wider development co-benefits
- Needs of recipient
Vulnerability to climate change and financing needs of the recipients
- Country ownership
Beneficiary country ownership of project or programme and capacity to implement the proposed activities
- Effectiveness and efficiency
Economic and financial soundness and effectiveness of the proposed activities
THE IMPORTANCE OF GCF ACCREDITATION TO KENYA
Kenya has made great strides in dealing with climate change by coming up with policies and strategies to cushion its people against adverse impacts associated with climate change. It is now among the first nine countries globally to benefit from Adaptation Fund through Direct Access.
- NEMA as the NIE for Adaptation fund in supporting a national programme designed to respond to effects of climate change in 14 counties will be boosted by United Nations’ Green Climate Fund (GCF).
- The accreditation allows access to climate change financing programs that will provide many opportunities for Kenya such as mitigation of climate change effects.
- Will assist Kenyans deal with the root cause of these effects as well as covering a larger scope.
- Some of the areas in which Kenyans are likely to benefit from through the fund include but not limited to: reduction of the effects of climate change, sustainable development, promotion of environmentally friendly technologies, greater involvement of Kenyans in climate change activities, shift towards green economy, raising the Kenyan portfolio in climate financing globally and access to more funds.