FDB to fulfil conditions for GCF accreditation
September 11, 2019 4:30 pm
FDB Chief Executive Mark Clough [Image Source: FDB]
The Fiji Development Bank is in the process of satisfying conditions that come with being accredited by the Green Climate Fund.
This was highlighted in FDB’s 2018 Annual report that was today presented to the Parliamentary Standing Committee on Economic Affairs.
FDB Chief Executive Mark Clough highlighted that they have already initiated two projects that will be evaluated by the Green Climate Fund.
“They include the electric bus project within Suva as well as an agricultural renewable energy project on Ovalau. So they are the two major projects in the pipeline.”
When questioned by Committee member Ro Filipe Tuisawau on the conditions to the accreditation, Clough says FDB has met 11 of the conditions.
“We have fulfilled all but one or two of those conditions, with the latest being the finalization of quite a comprehensive enterprise risk management framework. There are one or two others that are outstanding, that hasn’t prevented us from exploring our first projects.”
FDB is also looking at other projects under the Green Climate Fund such as resilient housing as well as water security and water quality.
Green Climate Fund supports developing countries’ efforts to adapt their economies to the impacts of climate change through low-emission and climate-resilient initiatives.