The financial support is coming from Green Climate Fund which has committed to provide the country from $10 to $50 million per climate change project.
Ministry of Finance and Economic Management is accredited to the Fund to source direct funding to support projects and programmes addressing climate change in the Cook Islands.
Climate Change Cook Islands, the national designated authority to the Fund, said the latest grant would be used to carry out readiness activities for the next two years.
The Cook Islands submitted its fourth request for readiness support earlier this year, expanding the country programme to include “a pipeline of concept ideas” from stakeholders.
This request will provide support for elaborating those concept ideas into full concept notes and proposals. At the same time, the Climate Change Cook Islands and Ministry of Finance and Economic Management will work to prepare a national prioritisation framework that will enable the government to market priority projects to external partners, including the Green Climate Fund.
This request will also focus on assisting the Bank of the Cook Islands (BCI) accreditation process, in order to enable the bank to take part in the Country Programme through an on-lending approach.
Additionally, Readiness 4 will work to assist the Cook Islands in building capacity within Climate Change Cook Islands and Ministry of Finance and Economic Management as the accredited entity to the Fund, executing entities and the private sector.
The Green Climate Fund provides early support for readiness and preparatory activities to enhance country ownership and access to the fund. Readiness and preparatory support activities are not one-off measures, but part of an ongoing process to strengthen a country’s engagement with the Fund. The Fund focuses its Readiness support on particularly vulnerable countries, including least developed countries, small island developing states, and African states.
The Cook Islands government wish to extend their greatest appreciation and gratitude to the Green Climate Fund secretariat for continuing to support the nation in its journey.
Cook Islands has been granted $1.9 million of Readiness funds from Green Climate Fund so far.