The Gross National Happiness Commission, in its capacity as the National Designated Authority (NDA) of the Green Climate Fund (GCF) in Bhutan, is conducting the first high level advocacy workshop on GCF to the Financial Institutions on 12th April, 2019 in Thimphu.
GCF is the main global financial mechanism to finance green initiatives established on 11th December, 2010. It is a new global fund created to combat climate change by investing in low-emission and climate-resilient developments, particularly in the developing countries. GCF works through accredited entities to channel its resources to projects and programmes through both grants and concessional loans.
This workshop aims to create awareness and sensitize the financial institutions, including the Royal Monetary Authority on GCF and it accreditation process. It aspires to encourage participants for accreditation in taking advantage of GCF resources and facilities. Additionally, it is expected to strengthen the coordination mechanism with a collaborative approach between the financial institutions, GNHC, private sectors and other relevant stakeholders.
The participants include Chief Executive Officers, Chief Finance Officers, Managers, head of departments from financial institutions viz. Bhutan Development Bank Limited, Bhutan National Bank Limited, Bank of Bhutan, Druk PNB Bank Limited and Tashi Bank Limited. Furthermore, the representatives from the Royal Monetary Authority, Bhutan Chamber of Commerce and Industry, and Bhutan Trust Fund for Environmental Conservation are also participating in this important workshop. Because the climate change is inevitable and a paradigm shift of traditional economy to “green economy” is in occurrence, such workshops will continue in future.