PACT & Partners Launch GCF Readiness Project of BZD$1.9M
FOR IMMEDIATE RELEASE
PACT, The Belize Association of Planners, & Government Partners Launch GCF Readiness Project of BZD$1.9M
February 21, 2023 — (Belmopan, BZE) Following the January 2023 approval of a Readiness Grant from the Green Climate Fund (GCF) valued at BZD$1,996,074, The Protected Areas Conservation Trust (PACT) has now received a first disbursement for a Climate Readiness Project through the GCF. This disbursement of BZD$1,000,000 is aimed at achieving outputs during the first twelve months of the twenty-four-month project.
The project titled ‘Building Capacity for Climate Resilient Infrastructure and Sustainable Urban Land Management & Strengthening the Capacity of the Ministry of Economic Development for pre-Accreditation to the Green Climate Fund’ is structured as a twenty-four-month project structured in two tiers. During the first twelve months of the project The Ministry of Economic Development will receive support in its pursuit of attaining accreditation by GCF to become a National Direct Access Entity. That preparation includes improved project management standards, strategic planning, and the development and institutionalization of an environmental and social management framework. The second component involves the development of the strategic framework and institutional capacity of the Belize Association of Planners (BAP) and the Ministry of Infrastructure Development and Housing (MIDH). This disbursement will allow BAP and MIDH to improve institutional coordination in human settlement planning, improve policies and frameworks in urban planning and human settlement categorization, and drafting a Planning and Development Bill to guide the country in achieving climate resilient human settlements and infrastructures. Simultaneously, the two agencies will be reinforcing the capacity and resources for municipal governments to improve urban planning.
In its role as accredited entity of the GCF, PACT will be acting as delivery partner supporting the implementation of the project, overseeing legal, administrative, and financial processes. Project activities are to be executed by the Climate Finance Unit in the Ministry of Economic Development; the Belize Association of Planners; and the Ministry of Infrastructure, Development and Housing.
PACT first gained accreditation to the GCF in 2018, making it the first and only GCF National Direct Access Entity in Belize. With this accreditation, PACT is able to access and distribute GCF grant resources in Belize through micro projects of up to USD$10 million in the category of projects with minimal to no environmental risk. Since its accreditation, PACT has been building a Climate Finance Portfolio, unlocking new funding streams and building national capacity for the sustainable management of natural resources, climate change, and biodiversity. In addition, PACT has established a track record of deploying climate finance across Belize, both funding directly and assisting the Government of Belize with in-country projects 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.
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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.