A signing ceremony was held at the G-Tower in Incheon, South Korea, being the Headquarters of the Green Climate Fund (GCF) Secretariat on the 5th November 2024, where BCI, represented by the CEO Jennifer Henry and Board Chair Tatiana Burn formalized the legal agreement of BCI’s accreditation to the GCF.
Bank of the Cook Islands is now formally accredited as a National Direct Access Entity accredited for Project management and on-lending and/or blending (for loans), Size Micro, ESS risk mediation (Category B/intermediation 2).
Henry Gonzales the Chief Investment Officer of the GCF Secretariat congratulated BCI stating “(BCI’s) accreditation signals an important milestone in the partnership to develop transformational impactful and country driven projects and programming for GCF”. He went on to say “We frame this signing as a commitment of both parties to deliver and align our programming with the Nationally Determined Contributions (NDC’s) of the Cook Islands in the key sectors of renewable energy, climate resilient agriculture, infrastructure, sustainable tourism, and green finance”.
The CEO of BCI in her acceptance response stated that “as the National Bank of the Cook Islands we are known as the ‘Peoples Bank’, so I am honored to be here as a representative of the People of the Cook Islands, to sign our agreement with the GCF”.
With a Pacific delegation present at the signing ceremony, this event being held on the margins of a Regional Programmatic Approach to Climate Action (RPACA) engagement meeting with GCF, the BCI CEO highlighted “being the first in Polynesia accredited for on-lending and blending, now joining our DAE counterparts in Micronesia and Melanesia, is an important milestone for the Pacific”.
She closed by acknowledging the OPM, MFEM, GCF Secretariat, and thanking all who supported BCI on this journey stating that “at BCI we are committed to advancing the Cook Islands resilience by leveraging climate finance resources for projects that have transformative impacts across our islands, ensuring that each island, each community and each person sees the benefits, as the peoples bank BCI holds this statement at the forefront of its operations” <see full speech below>.
GCF Accreditation Master Agreement Acceptance Speech
Kia Orana kotou katoatoa, ladies and gentlemen,
I am honored to be here to address you all on behalf of the Board of Directors of the Bank of Cook islands, management and staff, including our Board Chair who is present for this momentous occasion, signifying the importance of this agreement. As the National Bank of the Cook Islands we are known as the Peoples Bank, so moreover I am honored to be here a representative of the People of the Cook Islands, here today to sign our accreditation Master Agreement with the Green Climate Fund.
The Accreditation of the Bank of the Cook Islands marks another historic milestone, not just for the Bank of the Cook Islands, but for every person in the Cook Islands who dreams of a secure and sustainable future. It symbolizes a culmination of hard work, collaboration and unwavering commitment to climate resilience, and a commitment that goes beyond today and echoes into the lives of our future generations.
Our journey began in 2016 at the GCF SIDS dialogue, where our government made a bold decision and we committed to a path that would equip our nation with resources and tools needed to combat the pressing impacts of climate change. It was here that the Cook Islands chose to champion its own journey to resilience, nominating two national entities for accreditation to the Green Climate Fund; MFEM and BCI. This decision was more than a strategic move: it was a message.
A message that the Cook Islands would forge a path to resilience, through its own institutions and that we would be a nation prepared to tackle the climate challenges that threatens our countries very existence.
The path to accreditation was not straightforward. Yet with each step, we were strengthened by partnerships, support and a shared vision The GCF Readiness and Preparatory support programme provided the bank of the Cook Islands with an enabling environment to succeed. It gave us the critical resources, the guidance and the tools necessary to become a trusted steward of GCF resources. We were able to collaborate closely with the National Designated authority and the Ministry of Finance and Economic management, including becoming a GCF Delivery Partner ourselves. This allowed us to draw on the expertise of local consultants, many of whom were women to guide and lead our efforts in accreditation.
And this collaboration, this synergy of support from Ministry of Finance and Economic Management and the Office of the Prime Minister embodies a shared vision for our country. It signifies a united front for climate resilience, a commitment that the future of the Cook Islands will be built, not on isolated efforts but on the strength of our collective will.
Our journey is not just a celebration of the past, it is a bold declaration about where we intend to go. We are stepping forward as leaders, with the tools and resources necessary to actively shape our nations climate resilience. Accreditation is not the end of our story; it is a new beginning.
Being the first in Polynesia accredited for on-lending and blending, now joining our DAE counterparts in Micronesia and Melanesia, is an important milestone for the Pacific. As the current Chair of the Association for the Development Finance Institutes of the Pacific (ADFIP), I am honored and proud to represent a Pacific Voice for our Pacific community, where access to Climate Finance has been highlighted by ADFIP Members as a key priority. BCI’s accreditation as a DAE demonstrates GCF’s commitment to enabling climates finance access for the Pacific and prioritizes a country driven approach for highest impact.
To this end we have deliberately scheduled our being here to sign our Accreditation Master Agreement during the Pacific Regional Programming Mission to the GCF where here, together with our Pacific Counterparts we are here to discuss a programmatic approach to climate action including conversations with the department of private sector facility on innovative financing mechanisms that are fit for purpose relative to a Pacific context.
At BCI we are committed to advancing the Cook Islands resilience by leveraging climate finance resources for projects that have transformative impacts across our islands, ensuring that each island, each community and each persons sees the benefits, as the peoples bank BCI holds this statement at the forefront of its operations.
In closing. I want to extend my deepest gratitude to everyone who played a role in this journey.
To the GCF, for their continued support and guidance through the regional desk and the Accreditation and Entity relations unit, the Accreditation Panel, the Office of the Prime Minister, the Ministry of Finance and Economic Management and to everyone who led us forward in this journey, your dedication and vision have brought us to where we are today.
Meitaki Ma’ata, Meitaki Atupaka, Meitaki Korereka e Kia Manuia.
