Context:
A delegation from the World Bank has arrived in Goa for talks with the state govt to set up the first sub-national climate resilient green fund.
Relevance:
GS III: Environment and Ecology
Sub-national Climate Fund: Advancing Climate Resilient Solutions
Global Blended Finance Initiative:
- Objective: Develop mid-size climate-resilient infrastructure and nature-based solutions globally.
Mission:
- Objective: Invest in subnational climate-smart infrastructure and nature-based solutions that provide measurable and certified climate and sustainable development impacts at the local level.
Financial Model:
- Design: Crafted to attract both public and private investments.
- Outcome: Aims to deliver certified climate and Sustainable Development impacts along with Nature-based Solutions.
Structure:
- Fund Manager: Managed by Pegasus Capital.
- Technical Assistance: International Union for Conservation of Nature (IUCN) oversees the Technical Assistance component.
- Anchor Investor of Concessional Capital: The Green Climate Fund (GCF).
Governance:
- High-level Advisory Committee: Governs the Subnational Climate Fund (SCF).
- Role: Advises the SCF Consortium on optimal investment opportunities aligned with the SCF mission and broader theory of change.
- Composition: Includes experts in climate science, finance/economies, sector/technical, biodiversity/nature-based solutions, and environmental/social management systems (ESMS).
-Source: The Hindu
