PACT and Partners Receive GCF Approval for Readiness Project valued at USD $998,037
FOR IMMEDIATE RELEASE
January 6, 2023 — (Belmopan, BZE) The Protected Areas Conservation Trust (PACT) has received approval from the Green Climate Fund (GCF) for a Readiness Grant valued at USD$998,037. The project titled ‘Building Capacity for Climate Resilient Infrastructure and Sustainable Urban Land Management & Strengthening the Capacity of the Ministry of Economic Development for pre-Accreditation to the Green Climate Fund’ is to be executed over a twenty-four-month period and is structured as a two-tiered project. The first tier involves building the human resource capacity, policies and structures of the Ministry of Economic Development in its role as National Designated Authority (NDA) to assist in its pursuit of attaining accreditation by GCF to become a National Direct Access Entity. The second tier will develop the strategic framework and institutional capacity of the Belize Association of Planners (BAP) and the Ministry of Infrastructure Development and Housing (MIDH) to guide the country in achieving climate resilient human settlements and infrastructures.
The Project will be implemented by PACT, in its role as accredited entity, for all legal, administrative, and financial processes; and project activities will be executed by the Climate Finance Unit in the Ministry of Economic Development, the Belize Association of Planners, and the Ministry of Infrastructure, Development and Housing.
PACT first gained accreditation to the GCF in 2018, making it the first and only GCF National Direct Access Entity in Belize. With this accreditation, PACT is able to access and distribute GCF grant resources in Belize through micro projects of up to USD$10 Million in the category of projects with minimal to no environmental risk. Since its accreditation, PACT has been building a Climate Finance Portfolio, unlocking new funding streams and building national capacity for the sustainable management of natural resources, climate change, and biodiversity. In addition, PACT has established a track record of climate change investments across Belize, both funding directly and assisting the Government of Belize with in-country projects financed by third-party sources such as the German Development Bank (KfW), Global Environment Facility (GEF), Forest Carbon Partnership Facility (FCPF) and the Adaptation Fund.
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PACT is a statutory body that was formally established in January 1996 with the passing of the Protected Areas Conservation Trust Act, No. 15 of 1995. The functions of PACT are to encourage and promote, for the benefit and enjoyment of the present and future generations of the people of Belize, the provision, protection, conservation, and enhancement of the natural and cultural resources of Belize. The PACT is managed by a Board of Directors that is comprised of Government agencies, non-government organizations and individual experts.
The GCF was established in 2010 by the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties (COP16) to be an operating entity for the financial mechanism of the Convention. The objective of the Fund is to support projects, programmes, policies, and other activities that lead to adaptation and mitigation practices in response to climate change.