***The IGA is now an Accredited Observer of the Green Climate Fund***
Date: 9 June 2016
Location: Bochum, Germany
The IGA extends its strategic International Advisory Function
Bochum, Germany. On 8 June 2016, the Green Climate Fund (GCF) informed the IGA about the new status of the IGA as officially accredited observer organisation to the Green Climate Fund.
The recently obtained GCF observer status means that the IGA now belongs to a vibrant network of partners and decision makers on global funding. Rights of GCF observers include the participation in GCF Board meetings, providing strategic advice on the design, development and implementation of the strategies, projects and activities to be financed by the Fund. The IGA is also entitled to make interventions relating to geothermal energy or other matters under consideration by the GCF Board.
The Green Climate Fund is the designated governing instrument created by the United Nations Framework Convention on Climate Change (UNFCCC) and was established by 194 countries during the international climate change negotiations (COP 17) in Durban, South Africa. The Fund is designed to act as the operating entity of the Convention’s financial mechanism. It aims to support a paradigm shift in the global response to climate change by allocating financial resources to low-emission and climate-resilient projects in developing countries. Renewable energy projects using geothermal energy are supported as well.
As of May 2016, the GCF has raised USD 10.2 billion equivalent in pledges from 42 state governments. The objective is for all pledges to be converted into contribution agreements within one year from the time at which they are made. In Nov. 2015, the GCF Board reached an important milestone in approving the first USD 168 million of GCF funding for climate adaptation and mitigation projects.
IGA’s collaboration with UN & international entities: The GCF observer status fits in well with the strategic IGA functions on international geothermal advisory. Since the foundation of the IGA, advisory services were continuously provided to international organisations and donor agencies such as the World Bank, IFC, KfW, and others. On a technical/ policy level close collaborations exist with renewable energy entities like IRENA, REN21, the REN Alliance and the 100% Renewable Energy initiative. In 2015, the IGA received the official UN observer status and liaises closely with the UN Economic and Social Council. The IGA regularly attends UNFCCC COP events and shows its presence with side events and a booth with the REN Alliance partners.
Contact: Marietta Sander: IGA Executive Director | Ph:+49 2343210265 | IGA@hs-bochum.de
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