The Green Climate Fund (GCF), the world’s largest climate fund, is designed to help developing countries achieve their ambition for low-carbon resilient development. Tanzania has been accessing a range of sources for climate finance to fund its climate change responses, but needs additional finance to meet the projected future costs of adaption and mitigation.
OECD reports that approximately USD 200 million each year was being spent on climate change actions between 2010 and 2013. An economic analysis of climate change in Tanzania shows that Tanzania will need about USD 600 million per year to address climate change issues. In addition Tanzania’s nationally determined contributions (NDCs) states that the Tanzania will need around USD 500 million to USD 1 billion per year to meet its adaptation ambition each year and a total of USD 60 billion by 2030 for achieving its mitigation contributions (URT, 2015). Meeting these ambitions will depend on how financial support can be accessed from sources like the Green Climate Fund.
In preparation for Tanzania having direct access to the GCF, this document provides a snapshot of GCF processes and procedures to help stakeholders understand these as well as the concepts, relevant standards and frequently asked questions related to the GCF. It is an internal briefing document commissioned by PO-RALG to brief its staff on the GCF procedures.
It includes 8 core things which policy makers would need to know about the Green Climate Fund:
- What is the Green Climate Fund?
- What are the total resources in the fund?
- How can Tanzania access the GCF?
- What is the role of the National Designated Authority?
- How national Tanzanian entities can get direct access to GCF funds?
- How many entities have been accredited globally?
- The type of funds Tanzania can receive, and
- The investment criteria for approving funding proposals