National Accredited Entity (AE)
The Ministry of Finance and Economic Management achieved accreditation as a National Accredited Entity to the Green Climate Fund on 20 October 2018. The Cook Islands was the first nation in the Pacific to be accredited to the fund, which is a significant achievent for the Cook Islands
The Cook Islands can directly access climate related finance of up to approximately (US$50 million) per project through its accreditation with the Green Climate Fund (GCF).
MFEM have submitted two Concept Notes under the GCF funding modalities of Simplified Approval Process (SAP) and Enhanced Direct Access (EDA).
The “Building a Resilient and Healthy Cook Islands Communities” Concept Note submitted in July 2020 was approved by the GCF Secretariat to proceed to the next stage with support through the Project Preparation Facility (PPF) to prepare and submit a full proposal. The preparation of a full project proposal is nearing the completion stage whereby the full proposal will undergo national approval processes before being submitted to the GCF.
The Concept Note under the EDA modality for “Direct financing for communities and businesses to respond to climate change in the Cook Islands” was first submitted to GCF in October 2020. This Concept Note is now approved by the Climate Investment Committee 2 of the GCF Secretariat. The development of a full project proposal is currently underway.
The MFEM readiness programmes support activities such as the development of proposals and activities relating to institutional strengthening and capacity building of various stakeholders within Government and the private sector.