GCF private sector facility encourages potential businesses to “pitch for the planet” for $500m

The Green Climate Fund (GCF) is offering up to US$500 million in financial assistance to support bold business ideas that can help communities adapt to climate change, as well as reduce greenhouse gas emissions. The assistance includes loans, equities, guarantees, and grants.

This was announced by the Department of Environment and Natural Resources through its Climate Change Service or DENR-CCS, which acts as secretariat of the GCF's National Designated Authority in the Philippines.

The GCF is a fund established within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) and was developed to assist developing countries in climate change adaptation and mitigation.

The CCS announced that proposals for assistance must fit at least one of the GCF's eight strategic impact areas.

Strategic mitigation impacts of GCF are to reduce emissions from: a) energy generation and access; b) transport; c) buildings, cities, industries and appliances; and d) forest and land use.

Meanwhile, strategic adaptation impacts of GCF are to increase the resilience of: e) health, food and water security; f) livelihoods of people and communities; g) ecosystem and ecosystem services; and h) infrastructure and the built environment.

The proposals should be consistent with the investment criteria of the GCF and be in accordance with their mandate to mobilize funding at scale towards developing countries, and to contribute to the paradigm shift towards low-emission and climate-resilient development.

Entries should be in the form of a concept note and submitted directly to the GCF Private Sector Facility at privatesector@gcfund.org, on or before August 30, 2017. A copy of the concept note must also be furnished to the CCS through cco.denr@yahoo.com.

Submitted concept notes will receive feedback from the GCF Secretariat, and those with the highest score will be invited to develop a full-fledged funding proposal.

For more details, the CCS can be contacted at telephone numbers (02)928-1194 or (02)929-6626 local 2006. Those interested may also visit the GCF's website at www.greenclimate.fund/500m.

Established in 2010, with headquarters in Incheon, South Korea, one of the fund's objectives is to raise $100 Billion a year by 2020, in support to the UNFCCC.

Source: Department of Environment and natural resources

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