Great news! The Green Climate Fund (GCF) transferred the first disbursement of funds for the Federated States of Micronesia programme. Occurring only 36 days after Board approval of the programme, this is the fastest disbursement made by GCF globally.
The Green Climate Fund (GCF) made the disbursement of the first tranche for the programme "Climate change adaptation solutions for local authorities in the Federated States of Micronesia (FSM)" only 36 days after Board approval. Benefiting from a GCF grant of USD 16.6 million, this initiative is the first approved Enhancing Direct Access pilot programme in the region.
Designed to boost local authorities’ access to climate finance, the programme has moved from proposal submission to implementation within eight months. This is a major first at a global scale, considering that GCF funds can take several years to reach the intended beneficiaries. In partnership with the Government of FSM, SPC contributed to this success having worked on the programme design and will provide support to the country during the implementation phase.
This international support is paramount in helping Pacific Small Islands Developing Countries benefit from investments required to enhance the resilience of vulnerable communities, as well as to help them better adapt to the effects of climate change.
SPC is committed to helping PSIDS to address their urgent adaptation priorities. In addition to its existing GCF accreditation, the organisation was accredited to the Adaptation Fund in August 2021, increasing the scope of climate finance support that SPC can provide to its Members.