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Barbados will represent the interest of Small Island Developing States (SIDS) on the United Nations Framework Convention on Climate Change (UNFCCC) Green Climate Fund (GCF) Board.
The effort will be headed by the island’s Chief Economist (Ag.) in the Ministry of Finance and Economic Affairs, Derek Gibbs, who was selected and approved by Cabinet to serve as the SIDS representative on the Board of the GCF.
Mr. Gibbs was nominated and served on the Transitional Committee (TC), supported by Counsellor, Permanent Mission of Barbados to the United Nations in New York and Chief Negotiator of Alliance of Small Island States (AOSIS) Climate Finance, Selwin Hart.
During his tenure, Mr. Gibbs served as a co-facilitator of Workstream I of the TC which focused on the overarching scope, guiding principles and cross-cutting issues relevant to the design of the GCF.
Barbados was the main negotiator for the AOSIS on finance, and played a pivotal role in the finalisation of the relevant content of the decision.
As a result, many aspects of the final agreement, including those related to the establishment of the new fund and key aspects of the design process were based on proposals advanced by AOSIS.
The GCF would be the key instrument through which climate financing is expected to be disbursed to recipient countries and is projected to be subscribed to by developed countries at a rate of US$ $100 billion per year by 2020.
The fund will also be governed by a 24-member board comprising an equal number from developing and developed countries.
The GCF was established following the UNFCCC 16th Conference (COP 16) in Cancun, Mexico, in December 2010.
It is designed to provide financial support for projects, programmes, policies and other activities geared towards combating the adverse effects of climate change in developing countries.