A key agreement that has been signed between the National Trust for Nature Conservation (NTNC) and the Green Climate Fund (GCF) will now open the way forward to transform Nepal's climate goals into concrete actions. Signing of the Accreditation Master Agreement (AMA) officially authorizes NTNC to access and mobilize financial resources directly from the GCF going forward. The agreement was signed by Mr. Sharad Chandra Adhikari, Member Secretary of NTNC and Mr. Pa Ousman Jarju, Director, Division of Country Programming of GCF on 04 June.
The signed AMA is the central instrument which sets out the basic terms and conditions to work together for the use of the GCF resources. It formalizes NTNC's accountability in carrying out future GCF-approved projects appropriately. With this agreement, NTNC can develop individual projects up to USD 10 million under the 'micro size' category for an individual climate project. NTNC was accredited as a Direct Access Entity of GCF in November last year.
NTNC's Chairperson and Member of National Planning Commission Hon. Dr. Krishna Prasad Oli stated that "the signing of the agreement is a major milestone because now NTNC can enter into the active stage of realizing low-emission and carbon-resilient programmes and projects necessary to combat climate change and its increasing impacts, particularly on the most vulnerable sectors."
Following the signing of the agreement, NTNC Member Secretary said "with this new deal in place, we are in a good position to strengthen our climate resilience work and focus on the nation's climate action priorities as a co-beneficiary and partner entity of the GCF resources."
Dr. Siddhartha Bajra Bajracharya, Executive Director of NTNC and Principal Focal Person of GCF shared that "preparations are underway to submit concept notes for at least five projects by the end of 2021, and at least two full funding proposals by the mid-2022." He said, "we are also planning to develop at least five more additional projects in close consultation with the GCF National Designated Authority, the Ministry of Finance.”
GCF was created as an operating entity of the United Nations Framework Convention on Climate Change (UNFCCC) with the mandate to support developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways. GCF is the largest dedicated climate fund, and has a mandate to serve the historic Paris Agreement.