Direct Financing for Communities and Businesses to Respond to Climate Change in the Cook Islands

 

This project unlocks USD 39.98 million in climate finance to support the Cook Islands’ efforts to strengthen the resilience of its building stock and vulnerable communities against the growing impacts of climate change, particularly tropical cyclones and extreme weather events. 

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The approved project, led by the Ministry of Finance and Economic Management (MFEM) in partnership with Climate Change Cook Islands (CCCI) and the Bank of the Cook Islands (BCI), will establish an Enhanced Direct Access (EDA) Facility—a first-of-its-kind mechanism in the Cook Islands that provides direct, equitable, and inclusive access to climate finance for individuals, communities and businesses. 

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The project will: 

• Upgrade over 2,150 homes and buildings to meet the 2019 Cook Islands Building Code for cyclone resilience. 

• Install water tanks and sanitation systems to improve health and water security. 

• Provide grants and concessional financing through a tiered approach, prioritising the most vulnerable populations. 

• Train and certify local tradespeople and inspectors in climate-resilient construction. 

• Establish a revolving fund to sustain climate finance access beyond the project’s lifespan. 

 

This project is in its final stages of approval with the Green Climate Fund at the next Board Meeting B.43 in October.