This Readiness project aims to increase the capacity of Guyana to strategically manage climate finance flows and achieve their revised National Determined Contribution (NDC) targets, by supporting:
- The development of a National Climate Finance Strategy for an effective and efficient climate finance architecture to support NDC, LCDS and National Climate Change Policy implementation.
- Capacity building related to financial instruments for the National Designated Authority to the GCF (NDA), National Climate Change Committee (NCCC), Ministry of Finance (MoF), Ministry of Foreign Affairs (MoFA), potential national GCF Direct Access Entities (DAEs), banking institutions, other government agencies, and the private sector.
- The development of ambitious and realistic targets for the energy and agriculture sectors in Guyana’s second (revised) NDC and capacity building for local experts and Office of Environment and Climate Change (OECC) to improve the quality of Guyana’s UNFCCC reporting obligations.
- The improvement of National GHGs monitoring, reporting and verification (MRV) system under the enhanced transparency framework of the Paris Agreement to increase the capacity and coordination between ministries and agencies to gather emission activity data, emission factors and achieve and track NDC targets in line with implementation of LCDS and National Climate Change Policy, focused on the Energy and Agriculture sectors in line with IPCC 2006 Guidelines.
- The development of a project pipeline with an investment plan and project/program concept notes for submission to GCF to meet Guyana’s revised NDC targets.
Activities include but are not limited to:
- Update the No-objection procedure to reflect the LCDS, National Climate Change Policy (draft) and the new climate finance strategy.
- Prepare targeted awareness raising material to increase capacity of financial institutions, DAE candidates and other stakeholders on GCF funding opportunities, financial instruments and the National Climate Finance Strategy
- Review current policies, strategies and current plans related to forest energy and agriculture to be used in the development of Guyana second NDC.
- Develop technical requirements for a database of GHG emissions, removals, mitigation actions and emission factors.
- Develop a pipeline of projects across renewable energy, energy efficiency, transportation and agriculture sectors to meet the revised NDC targets.