FDB CEO Calls for Enhanced Understanding and Support from Green Climate Fund at Regional Dialogue

FDB CEO, Mr Saud Minam delivers his keynote address at the opening session of the Green Climate Fund (GCF) Regional Dialogue with Asia and the Pacific currently underway in Incheon, Korea.

The Fiji Development Bank (FDB) CEO, Mr Saud Minam in his keynote address at the opening session of the Green Climate Fund (GCF) Regional Dialogue with Asia and the Pacific currently underway in Incheon, Korea, expressed his appreciation for the GCF’s support of the Pacific region while calling for a better understanding of the experiences and realities on the ground.

The opening session was also attended by GCF Executive Director Mafalda Duarte followed by her welcoming remarks to the participants.

The Dialogue, attended by around 190 participants representing major countries and organizations such as ADB, JICA, KOICA, and UN, is aimed to discuss the Pacific region’s priorities and how the GCF can respond to them during its second replenishment period from 2024 to 2027.

Mr Minam emphasized the urgent need for reforms to better serve the unique circumstances of Pacific Small Island Developing States (SIDS).

“One of the top priorities that we have continuously advocated for includes the need to simplify current procedures and requirements, such as concept note development, reporting and accreditation.”

“What GCF do we want for the Pacific” report recommends a 10-year accreditation. However, CEO Minam called for a reform in the reaccreditation process, proposing the exclusion of the need for a reaccreditation period.

“Instead, annual self-assessment and ad-hoc independent reviews could ensure compliance while allowing accredited entities to focus on designing and implementing climate change resilience programs.”

He advocated for preferences such as full grant financing, concessional loans and local currency financing to address foreign exchange risk.

Mr Minam also emphasised the importance of full grant financing to support private-sector programming, particularly for small and medium-sized enterprises (SMEs), citing FDB’s collaboration with USAID Climate Ready.

“I wish to highlight that the Fiji Development Bank has identified this gap whilst working with the private sector in Fiji. We are happy to advise that with the support of USAID Climate Ready, we are embarking on a first-ever, FDB Private Sector Consultation on Transformational Approach Towards Climate Resiliency. This sectoral gap assessment is intended to set the platform for a follow-up consultation aimed at identifying private business-specific needs for a programme approach to meeting such needs.”

Highlighting the need for a regional or representative office presence in the Pacific, CEO Mr Minam urged the GCF to establish a stronger presence in the region.

“This would bridge the gap in understanding the Pacific context and facilitate continuous capacity building.”

Discussing country-specific priorities, CEO Mr Minam mentioned Fiji’s National Climate Finance Strategy (NCFS).

“This also serves as GCF Country Programme laying out Fiji’s investment priorities across twelve sectors, aiming to build a climate-resilient, low-carbon economy from 2022 to 2029. The Bank understands the importance of partnering with viable accredited entities and development agencies to put forward project concepts for consideration by GCF. As the only National Direct Access Entity in Fiji and the region, the Fiji Development Bank mirrors this national climate finance strategy and is working to strengthen its programming in collaboration with the AFD,” Mr Minam added.

Participants at the Green Climate Fund (GCF) Regional Dialogue with Asia and the Pacific currently underway in Incheon, Korea.

The Green Climate Fund (GCF) Regional Dialogue with Asia and the Pacific will end on Friday, 11 August 2023.