Climate Change: The New Evolutionary Challenge for the Galapagos (GCF-GCF-FP185)

Countries
  • Ecuador
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 16, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
government of Ecuador
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Education and Health
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 65.30 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 30.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 117.60 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ GCF website

Updated in EWS Apr 26, 2022

Disclosed by Bank Apr 1, 2022


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The Galapagos Islands, with their diversity and uniqueness, are at risk by climate change which is affecting the agricultural sector, fisheries and marine and terrestrial ecosystems. The intrinsic sensitivity of the Galapagos has increased in recent decades due to climate-based drivers, but also because of an inefficient use of energy by the tourism sector, unsustainable land management practices, the spread of climate-resilient invasive species and overfishing and illegal, undeclared and unregulated fishing.

Using a combination of funding sources, including concessional public and private loans, grants, and equity, the Programme will conduct activities across three main components:

(1) Energy matrix change in the Galápagos archipelago: increase low-emission energy access and reduce the energy consumption of the Galapagos livelihoods by facilitating access to finance and technical assistance for renewable energy generation and energy efficiency investments. The tourism sector is particularly targeted since it is identified as a driving force for climate actions, based on its significance in the local economy.

(2) Building climate resilience of the Galapagos' livelihoods: strengthen Galapagos farmers and small-scale fisheries' adaptive capacity to increase local food production through the provision of reimbursable and non-reimbursable funds to foster the adoption of sustainable land and fisheries practices.

(3) Sustainability mechanisms for climate resilience and low emissions livelihoods: strengthen the response of local livelihoods and population through educational and communicational programs; and increasing capacity of key institutions by empowering their decision making by mainstreaming climate change into policy and planning instruments.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Contacts

 



Mr. Edgar Salinas 


PRIMARY


Executive Principal, Vice-presidency Sustainable Development
Edificio Via Esplanada, sala 201, SAF/Asa Sul, Quadra 02. Bloco D, CEP 700700-600, Brasilia, Brazil

PHONE +55 (61) 2191-8624
ESALINAS@CAF.COM

Mr. Oscar Guevara 


SECONDARY


Executive Principal, Vice-presidency Sustainable Development
Boulevard Pacifica P.H. Oceania Business Plaza, Torre 2000 Piso 24, Postal Code:0832, Panama City, Panama

PHONE +507 297 5378
OGUEVARA@CAF.COM

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How it works