The Government of the Republic of Zambia through the Ministry of Green Economy and Environment has obtained a Readiness Package Grant of US$145,000.00 from the Adaptation Fund to facilitate the accreditation of Zambia Industrial Commercial Bank (ZICB) to the Adaptation Fund.
The grant will help strengthen the capacity to access climate adaptation finance, and the overall capacity to develop and initiate implementation of concrete projects and programmes that increase the resilience of vulnerable communities to the impacts of climate change.
Zambia has never accessed climate financing from the Adaptation Fund. However, Zambia initiated a process to do so which is currently underway. Further, the nomination of Zambia Industrial Commercial Bank for accreditation as a National Implementing Entity will also increase these chances to access climate financing from the Adaptation Fund.
When ZICB is successfully accredited, Zambia will be able to access Adaptation Fund grants through a Direct Access Entity. The Entity will be able to manage all aspects of the project, from formulation to execution by hand-holding the project developers.
The Centre de Suivi Ecologique (CSE) of Senegal, which is working in collaboration with Zambia’s National Designated Authority (NDA) in the Ministry of Green Economy and Environment, supported Zambia’s application for accreditation to the Adaptation Fund.
The NDA identified CSE to provide intermediary services and to assist ZICB in the preparation and submission of its accreditation application.
The Adaptation Fund provides grants through its Readiness Programmes to enable National Implementing Entities to provide peer support to others in navigating the accreditation process while strengthening countries’ capacities to achieve Direct Access.
Ministry of Green Economy and Environment Permanent Secretary Mr. John Msimuko welcomed the Adaptation Fund’s grant of support to Zambia.
He said the support includes among others, updating manual of internal procedures and developing the following documents: Code of Ethics, Transparency Policy, Environmental and Social Safeguards policy and Gender Policy, Project Cycle Management, Monitoring and Evaluation guides. The support will enable the Zambia Industrial Commercial Bank meet the Adaptation Fund accreditation requirements for a National Implementing Entity eligibility.
The Adaptation Fund finances concrete adaptation projects and programmes in developing country Parties to the Kyoto Protocol that are particularly vulnerable to the adverse effects of climate change.
The Adaptation Fund aims to help vulnerable communities in developing countries adapt to climate change.
The Adaptation Fund’s support is based on country needs, views and priorities.
Distributed by APO Group on behalf of Ministry Of Green Economy And Environment, Republic Of Zambia.