Climate Finance Unit (CFU) created to facilitate accessing climate finance for Belize

Published by BBNTEAM at January 5, 2022

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Posted: Wednesday, January 5, 2022. 5:08 pm CST.

By Rubén Morales Iglesias:

The Ministry of Finance, Economic Development, and Investment has created the Climate Finance Unit (CFU) “to maximize Belize’s access to climate finance to enhance its overall resilience and sustainable development”.

The CFU was set up to coordinate and streamline the process of accessing climate finance while capitalizing on the synergies with other sustainable development priorities of Belize, said a statement by the Government of Belize Press Office.

The CFU became effective on Monday, January 3, 2022.

The CFU is expected to establish “implementable and finance-ready strategies and projects” by promoting “Belize’s overarching climate change mitigation, adaptation, preparedness and resilience plans”.

It should also implement the climate finance strategy of Belize and make sure it is always updated.

The CFU should also be the expert clearing hub for climate proposals and projects in Belize submitted by the Government of Belize and other partners, including the private sector and civil society organizations.

Apart from all that, the CFU will also be expected to “create awareness and build capacities of ministries, departments, and other stakeholders on climate finance” while leading “Belize’s international climate finance advocacy and networking efforts”.

Since the Ministry of Economic Development is the Designated Authority for the Adaptation Fund and the Green Climate Fund (GCF), the CFU will also be charged to expedite “collaboration with the GCF to fast-track accreditation of the Belize Social Investment Fund (BSIF), the Development Finance Corporation (DFC) and the Ministry of Economic Development”.

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