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  • Banking institutions of the Republic of Moldova could increase the country's chances of obtaining GCF financial sources for projects to reduce greenhouse gas emissions and adapt to the new climate conditions

     05.10.2018    336 Views       

    On Friday, 5th of October, 2018, the representatives of the banking institutions in our country gathered at a round table to discuss the opportunities offered by the Green Climate Fund (GCF) and the accreditation conditions of the Moldovan banking sector in the engagement process of our country with the world's largest fund to support developing countries in climate change adaptation and mitigation practices.

    Climate Change Office Manager, Vasile Scorpan, together with the Project's consultants, informed bank representatives about the need for an Agreement between our country and GCF, the funding instruments, the accredited entities, including the opportunity for the banks to invest in reducing greenhouse gas emissions and climate change adaptation activities, and also about the benefits of the banking and the private sector in these areas.

    Among discussion topics, were: the requirements for cooperation with the Green Climate Fund, the priority funding areas, the main aspects of the accreditation process within the Fund, as well as the support given to the accredited entities in engaging with GCF.

    Representatives of the banking institutions, present at this event, learned that they could apply for funding in order to carry out climate change adaptation projects to increase resilience in health, water and food security, and greenhouse gas emission reduction projects by producing and accessing electricity and heat, efficient use of forests and land, promotion of renewable energy, etc.

    At the end of the Round Table's session, the representatives of the banking institutions were pleased with the opportunity to be informed about the cooperation with GCF, confirmed that the banks in the Republic of Moldova are interested and willing to support the country in the engagement process with the Fund. It was also agreed that the Ministry of Agriculture, Regional Development and Environment, through the Climate Change Office, will initiate the accreditation procedure of the banks in the Republic of Moldova as soon as possible, in order to comply to the requirements and procedures of the Green Climate Fund.

    The event was organized by the Climate Change Office, the Ministry of Agriculture, Regional Development and Environment, within the project "Support to Republic of Moldova in establishing and strengthening the NDA, development of strategic framework, and preparation of country programme". The round table was attended by representatives of the following banks: MAIB, VictoriaBank, Mobiasbanca, Procredit bank.