The agreement includes access to resources from the Green Climate Fund for more than 10 billion dollars
Egypt.-The Ministry of Environment and Natural Resources signed an agreement with the Republic of Korea’s Global Green Growth Institute (GGGI), which aims to mobilize international climate finance and private investments for low-carbon development in the Dominican Republic.
Through this agreement, the country prepares to directly access climate funds by executing US$2,750,687 in capacity building.
These are resources that correspond to the Green Climate Fund (GCF for its acronym in English), which will be executed through the GGGI.
Within the framework of this agreement, the country has contemplated the accreditation of two institutions so that they have direct access to financing from the GCF, as well as the development of capacities and systems for the issuance of green bonds and for the implementation of debt swaps for climate or For nature.
Other actions that will be carried out through this pact are the creation of a sustainable financing table for technical assistance to local financial institutions and the transformation of the National Fund for the Environment and Natural Resources (Marena Fund), into the National Green Development Bank.
It will also contribute to the development of a green jobs policy and the implementation of vocational education and training strategies and programs with a sustainable concept.
The signature of this agreement is part of the exhaustive agenda of the Dominican delegation participating in the Conference on Climate Change of the United Nations, COP27, which takes place from November 6 to 18 in the city of Sharm el-sheikh of Egypt.
