The Green Climate Fund (GCF) is a subvention organ of the United Nations Framework Convention on Climate Change (UNFCC) created on December 11, 2010 during COP 16, which took place in Cancun, Mexico. It was established by 194 government parties to the UNFCCC. It aims at making an amibitious contribution to mitigation and adaptation efforts, as determined in the international community’s climate change objectives. This fund was incepted as a mechanism to catalyze public and private resources, so that low- and mid- income nations may implement climate change mitigation and adaptation projects to rise to the challenge posed by global warming. To date, it has received contributions worth over US$10 billion from the United States, Germany, France, Japan, and others. It is expected to manage an annual totaling US$ 100 billion by 2020.
Thanks to its accreditation by the Adaptation Fund, Profonanpe then applied for accreditation with the GEF, which requires a detailed process to evaluate the institution’s trust fund standards. Regarding financial issues, the GEF requires: i) Transparency in financial operations; ii) Efficient administrative and financial processes; and iii) Effective accountability capacities. As for project implementation, it examines identification, selection, monitoring and evaluation capacities, as well as enforcement of environmental, social and gender safeguards.
In its board meeting of March 25, 2015, the GCF Board of Directors accredited the first seven institutions in the world as implementation entities, ready to channel resources and finance programs and projects that target climate change mitigation and adaptation. Profonanpe was the first and only national institution to be accredited in Latin America.
In November 2015, the GCF board of directors approved funding for the first project submitted by Profonanpe “Building Resilience in the Wetlands of the Datem del Marañón Province in Peru” for an approximate amount of US$ 6 million. Only 8 of 37 project proposals submitted to the GCF were approved. This project mainly aims at improving the resilience to climate change of indigenous communities living in Datem del Marañón, Loreto, contribute to mitigate greenhouse gas effect emissions from in the zone and promote adaptation to climate change effects in the communities and their productive systems.