The Bank of the Cook Islands (BCI) is proud to announce its formal accreditation as a Direct Access Entity by the Green Climate Fund (GCF), following the successful outcome of the GCF 40th Meeting of the Board of Directors held in Songdo, South Korea on 21st October 2024. This accreditation highlights BCI's alignment with GCF’s stringent fiduciary standards, positioning the bank as a key player in climate finance initiatives.
As the world’s largest dedicated climate fund, the GCF plays a pivotal role in supporting developing countries in achieving their Nationally Determined Contributions (NDCs) under the Paris Agreement. Through this accreditation, BCI is empowered to directly access climate finance and channel it towards impactful projects across the Cook Islands, fostering sustainable development and climate resilience.
Tatiana Burn, Chairperson of BCI, remarked on this achievement: “As Chairperson of the Bank of the Cook Islands, I am incredibly proud of our team’s achievement in securing Direct Access Entity status with the Green Climate Fund. This milestone not only represents a significant leap forward for BCI and also reaffirms our commitment to driving sustainable development across the Cook Islands. The ability to directly mobilize climate finance will empower us to bring meaningful change to our communities, ensuring we are better equipped to address the challenges of climate change and foster resilience across our nation. We are excited to collaborate with key partners, including the Ministry of Finance and Economic Management and Climate Change Cook Islands, to transform these opportunities into tangible, lasting benefits for our people.”
Jennifer Henry, CEO of BCI, recognized: “This accreditation marks the end of the beginning on BCI’s journey in climate finance. Our journey to this point began at the first GCF Pacific Regional Dialogue in Suva in 2016 and has been diligently pursued, with wide support from a team of many. This success is a testament to the commitment, collaboration, and tireless work of countless individuals and organizations, including our dedicated team at BCI, the Ministry of Finance and Economic Management, and Climate Change Cook Islands. Together, we have navigated a complex process, and now, as an accredited entity, we are ready to mobilize climate finance for the benefit of our communities. This achievement is a proud moment for everyone involved, and I am confident it will pave the way for transformative climate action in the Cook Islands.”
This approval also strengthens BCI’s collaborative efforts with the Ministry of Finance and Economic Management (MFEM) and Climate Change Cook Islands (CCCI), further reinforcing the country's comprehensive climate adaptation strategy. Moving forward, BCI will work closely with GCF and other regional partners to identify and prioritize key areas for climate action, ensuring that resources are efficiently directed toward initiatives that will create meaningful, on-the-ground impact.
#ClimateAction #SustainableFinance #GreenClimateFund #CookIslands #BCI #ResilientCommunities
- Reported by Vaine Nooana-Arioka
