The Green Climate Fund (GCF) has approved the Cambodian Climate Financing Facility (CCFF) during its 38th board meeting in Rwanda. This initiative, with concessional funding of USD 100 million, was conceptualised and designed by Mekong Strategic Capital and aims to support Cambodia’s transition towards a green economy.

​

View below the GCF Board approval, including commentary acknowledging the significance of the model to address one of the biggest challenges in climate finance: how to domesticate and institutionalise climate finance in a developing country.

 

“At the end of the day, by building the capacity of national institutions to mobilise climate finance, to engineer climate finance, we can hopefully achieve the reason why the GCF has been around – which is to really have a paradigm shift. And the way you do that, you domesticate climate finance. So again, kudos to Cambodia ... This is country ownership at its best.” 

Hussein Alfa Nafo (Seyni), representative for developing country parties from the African states, and Coordinator, Africa Adaption Initiative (Mali)    

 

“Developing deep and liquid local capital markets is quite critical to scaling and addressing what we really need for climate finance. This is a great example of that.” 

Victoria Gunderson, Co-Chair and representative for developed country parties, and Director, Climate and Environment, U.S. Department of Treasury