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One day after Government announces creation of Climate Finance Unit, Green Climate Fund approves BZ$1.2 million in grant funding for Belize

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Posted: Thursday, January 6, 2022. 6:23 pm CST.

By Rubén Morales Iglesias:

Just one day after the Government of Belize announced creation of Climate Finance Unit (CFU) to access climate funding for Belize, Green Climate Fund (GCF) approved BZ$1.2 million in grant funding.

According to a statement by the Government of Belize Press, the Ministry of Economic Development (MED), Belize’s National Designated Authority (NDA) to the Green Climate Fund and the newly formed Climate Finance Unit (CFU), announced the GCF approval of the project entitled “Enhancing Access for Climate Finance Opportunities, through pre-accreditation support to Belize Social Investment Fund (BSIF) and Ministry of Economic Development (MED) and technical support for Belize National Protected Areas System (BNPAS) Entities”.

The BZ$1.2 million grant is intended to support the accreditation of the Ministry of Economic Development, so that it can access up to US$50 million in grant funding directly from the GCF and other international funding institutions.

“This will further strengthen the MED’s current structure including its fiduciary standards such as administration, finance, procurement, integrity, and transparency,” said the statement.

“Activities on this component will include a gap assessment and action plan as the first step.”

The funds should also address gaps, identified under a previous readiness project, that inhibit the BSIF from seeking accreditation.

“BSIF, as a direct access entity, will vastly complement the work being done by other potential accredited entities; already having vast experience in the implementation of social projects within the education, health, water and sanitation sectors and extensive past collaboration with NGOs, CSOs and private sector organizations,” added the Press Office.

Additionally, the GCF funding will help to analyze the institutional and technical needs of national stakeholders within the Belize National Protected Areas System, providing the framework for the system’s advancement towards climate resilience.

“The Protect Areas Conservation Trust (PACT) will be the delivery partner since they have accreditation experience and continue to support Belize’s efforts to combat climate change,” said the statement.

Dr. Osmond Martinez, CEO in the Economic Development Ministry and the National Designated Authority, thanked the GCF team and congratulated Leroy Martinez, economist/GCF focal point Leroy Martinez, PACT climate change technical officer Denaie Swasey, and BSIF M&E specialist Shaun Finnetty “for their effort and excellent leadership in development and seeking approval of the project proposal”.

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