Alternative Energy Promotion Center (AEPC) has been awarded a $50 million grant from Green Climate Fund (GCF) for running low-carbon climate-resilient development projects and programs in Nepal.
The board meeting of the Green Climate Fund (GCF) – held on February 26-28 in South Korea – has approved the accreditation application for Nepal’s first national direct access entity, AEPC.
"This outstanding milestone for climate finance in Nepal is the result of the strong commitment of AEPC – the leadership of Nepal’s National Designated Authority (NDA) – to the fund, reads a press release issued by the Finance Ministry.
The programme is funded by the Government of Germany (BMU) and jointly implemented by the United Nations Development Programme (UNDP) and the United Nations Environment Programme (UNEP).
"This is a landmark moment for Nepal whereby a federal government institution has been accredited for direct access with the largest global fund on climate change," according to joint secretary at the Finance Ministry Shreekrishna Nepal, who is also NDA focal person at the ministry.
"This will help Nepal access and mobilise resources for low-emission and climate resilient projects,” he added.
"Despite the rigorous and stringent process, the centre was able to gain accreditation status with GCF," executive director of AEPC Madhusudan Adhikari said, adding that they are committed to accessing resources as per adaptation and mitigation priorities, aligned with our country’s national development strategies.
The government, through the NDA, had nominated four national entities through open competitive process by inviting applications to gain accreditation status. At the moment, National Trust for Nature Conservation (NTNC), Nepal Investment Bank and Town Development Fund are still in the pipeline for accreditation with GCF.
The GCF will help Nepal access the necessary finance to address climate change issues in the country, according to resident representative of UNDP Nepal Renaud Meyer.
The board meeting of the Green Climate Fund (GCF) – held on February 26-28 in South Korea – has approved the accreditation application for Nepal’s first national direct access entity, AEPC.
"This outstanding milestone for climate finance in Nepal is the result of the strong commitment of AEPC – the leadership of Nepal’s National Designated Authority (NDA) – to the fund, reads a press release issued by the Finance Ministry.
The programme is funded by the Government of Germany (BMU) and jointly implemented by the United Nations Development Programme (UNDP) and the United Nations Environment Programme (UNEP).
"This is a landmark moment for Nepal whereby a federal government institution has been accredited for direct access with the largest global fund on climate change," according to joint secretary at the Finance Ministry Shreekrishna Nepal, who is also NDA focal person at the ministry.
"This will help Nepal access and mobilise resources for low-emission and climate resilient projects,” he added.
"Despite the rigorous and stringent process, the centre was able to gain accreditation status with GCF," executive director of AEPC Madhusudan Adhikari said, adding that they are committed to accessing resources as per adaptation and mitigation priorities, aligned with our country’s national development strategies.
The government, through the NDA, had nominated four national entities through open competitive process by inviting applications to gain accreditation status. At the moment, National Trust for Nature Conservation (NTNC), Nepal Investment Bank and Town Development Fund are still in the pipeline for accreditation with GCF.
The GCF will help Nepal access the necessary finance to address climate change issues in the country, according to resident representative of UNDP Nepal Renaud Meyer.
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