Projects and programs developed by Peru's public institutions will have access to resources of the Green Climate Fund (GCF), an operating entity of the United Nations Framework Convention on Climate Change's (UNFCCC) financial mechanism.
"These resources support developing countries in formulating projects that contribute to climate-resilient, low-carbon growth," Peru's Environment Ministry (Minam) said.
To this end, the Economy-Finance Ministry last weekend issued a supreme decree stipulating the assessment methodology for Peruvian ventures to be submitted to GCF.
Assessment and selection of said ventures will fall under both Environment and Economy-Finance Ministries, as well as other ministries competent to this end.
In this respect, the Environment Ministry will ensure selected programs —or projects— are in line with Peru's climate change priorities.
Similarly, it will enhance projects' complementarity with other initiatives while guaranteeing their soundness.
On the other hand, the Economy and Finance Ministry will receive project proposals and carry out their corresponding economic assessments.
UNFCCC's Green Climate Fund aims to expand collective human action to respond to climate change by mobilizing funds at scale to invest in low-emission and climate-resilient development on the planet.
GCF represents an opportunity for the Inca country to push forward projects geared towards the adaptation to and mitigation of climate change, thus favoring Peru's eco-friendly development.
(END) CNA/CNA/DHT/MVB