Belize Launches Its Green Climate Fund Country Program
Belize is highly susceptible to the disproportionate effects of climate change. It is scored as number eight, by the World Bank, in terms of vulnerability to climate change. C.E.O. in the Ministry of Economic Development, Doctor Osmond Martinez, describes the villagers of Monkey River are the first refugees of climate change. The Belize Green Climate Fund Country Program launched today is a plan to address just that.
Osmond Martinez
Dr. Osmond Martinez, C.E.O., Ministry of Economic Development
“Climate change has a mega appetite to the point that it has swallowed Monkey River. It’s swallowing coastal areas from Corozal to Punta Gorda, but it is also affecting our productive sector, our service sector, our tourism sector, infrastructural sector, all layers of our economy. The GCF Country Program 2022-2026 is very important because it is the roadmap on projects that need to be implemented through climate finance and more important, all the projects that are within the GCF country program were endorsed by GCF so that is a comparative advantage that we are having in terms of moving forward to access climate finance.”
The mandate of the GCF is to empower developing nations to fight against the climate crisis. Leroy Martinez is the focal point for the Green Climate Fund in Belize under the ministry.
Leroy Martinez
Leroy Martinez, Economist & GCF Focal Point, Climate Change Unit
“As the national designated authority, we were appointed by cabinet in 2015, our main mandate is to create that environment so we can capitalise in accessing climate finance from the Green Climate Fund. The Green Climate Fund has several funding windows. They provide grants, concessionary loans, guarantees and equities. At the end of the day, this funding can be used to either adapt or mitigate.”
Director of the Climate Finance Unit, Carlos Pol says that the launch of the Belize-GCF Program is the start of the engagement with the largest climate financing facility for projects in mitigation and adaption.
Carlos Pol
Carlos Pol, Director, Climate Finance Unit, Ministry of Economic Development
“What we have with the country program, we have identified specific projects and pipeline projects. So the role of my unit, of the Climate Finance Unit, and the overall Ministry of Economic Development is to work along with all stakeholders – private sector who have not been able to be in par with us. I think it is time for us to bring everybody, civil society, N.G.O.s for example. This session will continue this afternoon. Once you have an idea, once you have a concept note, our role is to review it and provide that capacity needed to build a very good and solid project proposal that would be financed by GCF.”
Duane Moody
“…and no project is too small or too big?”
Carlos Pol
“No, no, definitely. No project is too small, no project is too big. Once it helps us to address the impact of climate change we are there to support.”
Back in 2022, the Government of Belize was able to begin the rollout of Resilient Rural Belize, a multimillion-dollar project under the GCF that has helped to build the capacity of various sectors, including agriculture, infrastructure, and energy.
Dr. Osmond Martinez
“We have what is the ongoing projects, then we will look at the projects that are approved, but we haven’t received any disbursement as yet and the projects that are proposed. So the projects that are ongoing is equivalent to twenty-four million U.S. dollars, so forty-eight million Belize. And for the projects that are approved, but have not been disbursed – that we are hoping will be disbursed this year – it is around thirty-two million U.S. dollars, so around sixty-four million Belize dollars. But what we have learnt is that whether we have submit projects, it takes the same energy to develop small projects and large projects. The only thing is the outcome of the projects.”
The Protected Areas Conservation Trust is an accredited agency for the GCF that can access up to ten million dollars in grants for environmental projects. The Caribbean Community Climate Change Centre, headquartered in Belize, can support initiatives of up to fifty million dollars. Other entities, such as the Development Finance Corporation and the Social Investment Fund, are also being considered for accreditation. Duane Moody for News Five.
