More than 200 government officials and observers representing all United Nations (UN) member states, will gather here next week for the Eighth Meeting of the Board of the Green Climate Fund (GCF), the central global investment vehicle for climate finance.
The meeting, to be held from October 14 to 17 at Hilton Barbados, will enable the 24-member Board to examine the final critical issues related to making the Green Climate Fund operational.
Underscoring the importance of this meeting, Permanent Secretary in the Ministry of Economic Affairs, Dr. Louis Woodroffe, said the meeting represents a significant step towards advancing work relating to the operationalisation of the Green Climate Fund.
???Such work includes dealing with the readiness work programme, resource mobilisation, enhanced direct access and country ownership and accreditation of national, regional and international entities,??? Dr. Woodroffe explained.
The GCF was adopted as a financial mechanism of the United Nations Framework Convention on Climate Change in 2010.
It will play a key role in channelling new and predictable financial resources to developing countries. Its funding will be deeply concessional to assist developing countries in adaptation and mitigation projects that tackle climate change.
The finance flows of the Green Climate Fund will primarily come from developed countries, but also from developing countries and private investments. In order to start funding proposals in 2015, the Fund is seeking significant donations from contributing countries at its upcoming Pledging Meeting at the end of this year.
The Green Climate Fund is based in the Republic of South Korea and led by Executive Director, Hela Cheikhrouhou, a Tunisian national.
The GCF is extremely important to small island developing states, and this is evidenced by the fact that Prime Minister Freundel Stuart has repeatedly called for developed countries to honour their monetary pledges to the Fund.
While addressing the recent UN Climate Summit in New York, Mr. Stuart urged global partners to stand with the most vulnerable and energise the Green Climate Fund to assist small island developing states in arresting the escalating and devastating impacts of climate change.