The Commonwealth Climate Finance Access Hub (CCFAH) has deployed a Commonwealth National Climate Finance Adviser to Maldives to assist the country in accessing millions of dollars earmarked for climate action.
Mr. Sagar Joshi will be working with the Maldivian Ministry of Environment, Climate Change and Technology to develop a National Climate Change Trust Fund, as well as preparing associated operational manuals and procedures for the fund. His role will also include supporting the government in strengthening human and institutional capacity in developing and securing climate finance for projects, developing strategies and other key activities.
Developing countries such as the Maldives have ambitious targets within their Nationally Determined Contributions (NDCs) to combat climate change. However, they are only able to attain these targets if they have adequate and accessible climate finance and are able to navigate the complex climate finance landscape. This is where the Commonwealth Climate Finance Access Hub comes in.
The CCFAH aims to support small and other vulnerable Commonwealth countries, who often bear the brunt of climate change, by facilitating enhanced access to climate finance. The hub-and-spokes approach involves a central hub in Mauritius complemented by regional and national climate finance advisers embedded in regional institutions and government departments and ministries in beneficiary countries across the Commonwealth.
As of April 2023, the Hub has deployed 18 Commonwealth National Climate Finance Advisers across the Africa, Pacific and Caribbean regions. To date, US$250 million in climate finance for 67 projects, including grants and concessional loans, has been accessed with CCFAH support.
The Maldives is highly vulnerable to the effects of climate change such as rising sea levels, ocean acidification, and coral reef degradation. The country has already implemented a number of measures to mitigate and adapt to the impacts of climate change. The National Climate Change Trust Fund will further support the government’s efforts to tackle this pressing issue.
According to the CCFAH, the deployment of the Commonwealth National Climate Finance Adviser to the Maldives will strengthen the country’s capacity to access climate finance and implement projects aimed at combating climate change. The CCFAH says that sharing expertise and experiences across the Commonwealth countries can benefit from its support in the fight against climate change.
