The Fiji Development Bank (FDB) and the Department of Environment (DoE) today formalized the Environment Social Safeguards (ESS) due diligence Process for Green Climate Fund Projects (GCF) through a Memorandum of Understanding (MoU).
The MoU validates a collaborative approach by FDB and DoE to facilitate the submission of fundable climate change adaptation and mitigation concept notes and full funding proposals to the Green Climate Fund (GCF) for financing consideration.
This partnership will also enhance FDB’s ability to integrate environmental and social considerations into the organizations’ decision-making and operations.
Cooperation under this MoU will be in the areas such as:
Speaking at the MoU signing ceremony, the Minister for Waterways, Environment and Agriculture, Honourable Dr. Mahendra Reddy said “the signing of the MoU signifies to us the threshold of a momentous opportunity. An opportunity to extend our efforts to broaden and quicken the outcomes from the climate commitments that we have made.”
“In developing a sustainable capital market, raising awareness, and exchanging knowledge and experience, the Fijian Government and Fiji Development Bank can continue to provide greater clarity and technical advice for those tangible steps necessary for the implementation of our national adaptation and mitigation priorities for funding under the Green Climate Fund.”
Hon Minister encouraged businesses, the private sector, Fijian communities, investors and bankers to integrate the Environmental & Social Safeguards (ESS) Process into their operations.
“Investments for Green Climate Funding requires a systematic approach, integrating sustainability with financial policy, investment practices, and promoting new business and investment models that include sustainable development as a core principle,” he added.
FDB Chief Executive Officer, Mr. Saud Minam highlighted that this partnership is an important step for both institutions given their shared drive to ensure the sustainable use and development of Fiji’s environment as well as efficient implementation of policies, legislation and programs.
According to Mr. Minam, the analytical and technical expertise of the DoE will complement FDB’s financing of climate-friendly interventions to achieve sustainable development.
“Fiji has advantages and potential to grow despite its many challenges. This type of partnership contributes to our collective efforts to create a stable and sustainable economy to manage the risks of climate change.”
“Partnership matters. Progress is made when the private and public sectors work together.”
“FDB recognizes the respective role it plays in Fiji’s business sector and socio-economic development. More importantly, we want to ensure that we bequeath a safe and eco-friendly environment to those we serve and to the generations who will come after us.”
The CEO said that through this MoU, FDB is deepening its collaboration to channel more climate finance to Fiji.
Mr. Minam added that FDB is working on upgrading its accreditation with the GCF by formulating a comprehensive Environmental and Social Safeguards policy and manual.