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PACT RECEIVES ACCREDITATION BY THE GREEN CLIMATE FUND

PRESS RELEASE

PACT RECEIVES ACCREDITATION BY THE GREEN CLIMATE FUND

 

October 25, 2018 (Belmopan, Belize). At its 21st meeting held from 17-20 October 2018 in
Bahrain, the Green Climate Fund approved the accreditation of the Protected Areas Conservation
Trust making PACT the first GCF Direct Access Entity in Belize and the second in the Caribbean.
As an accredited entity to the GCF, PACT will be able to access and distribute GCF grant resources
in Belize to support climate mitigation or adaptation actions through micro projects of up to USD
$10M in the category of minimal to no environmental and social risk. PACT succeeded in its
application for accreditation to the GCF after undergoing a detailed assessment against GCF
standards to assess the strength of its financial management and its capacity to safeguard projects
against environmental and social risks.

 

Hon. Dr. Omar Figueroa, Minister with responsibility for PACT noted that “by being an accredited
entity of the GCF, PACT can help the country to more readily access financing to advance the
implementation of Belize’s National Climate Change Policy & Plan, and contribute to
implementing and scaling-up climate change projects in Belize. Knowledge of successes and
challenges through such financing experience can help us to design interventions that better
increase climate change resiliency.”

 

PACT’s track record in climate change includes investments approximating BZD $1.5M of its
own funds in several climate-related activities across Belize, in the last five years. Additionally,
PACT is currently assisting the Government in the investment of approximately BZD $47.8M in
in-country projects with climate-related components financed by third-party sources such as the
German Development Bank (KfW), Global Environment Facility (GEF), Forest Carbon
Partnership Facility (FCPF) and the Adaptation Fund.

 

The Green Climate Fund (GCF) was established by the 194 countries who are parties to the United
Nations Framework Convention on Climate Change (UNFCCC) in 2010. The Fund was created
to support developing countries in responding to the challenges of climate change by mitigating
their greenhouse gas emissions and adapting to climate change. Particular attention is given to
Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States.
The GCF’s activities are aligned with the priorities of developing countries through the principle
of country ownership, and the Fund has established a direct access modality using a fit-for-purpose
accreditation process, so that national and sub-national organisations can receive funding directly,
rather than only via international intermediaries.

 

This achievement was made possible through a dedicated and concerted effort by the Board,
management and staff of PACT, through its own human and financial resources; a process which
entailed internal prioritization as well as strengthening and creation of frameworks. PACT and the
GCF will now move to the preparation of an Entity Work Plan to kickstart the process of proposal
development. Local partners interested in more information on PACT’s GCF portfolio can contact
the office.

 

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PACT was formally established in January 1996 with the passing of the Protected Areas Conservation Trust Act, No. 15 of 1995, creating the institution as a Statutory Board. PACT contributes to the effective management of Belize’s National Protected Areas System (NPAS) through strategic partnerships and high impact investments. The PACT is managed by a Board of Directors that is comprised of Government agencies, non-government organizations and individual experts.

Contact: 822-3637 | info@pactbelize.org | www.pactbelize.org | www.facebook.com/pactbelize/

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