A press release accessed by Prensa Latina states that the aforementioned Board of Directors (GCF, the English acronym) is responsible for channeling resources to developing countries in their efforts to mitigate and adapt to the effects of global warming supports .
The Caribbean state’s election took place yesterday evening during the thirty-seventh meeting of the GCF Board in Tbilisi, the capital of Georgia, which was also attended by the Vice Minister for Climate Change and Sustainability, Milagros De Camps.
The Dominican Vice President noted that, faced with one of the most pressing challenges, her country is committed to working with Board members to ensure the effective implementation of financial resources and support for projects that promote climate resilience and sustainability progress in the most vulnerable regions of the world.
According to the information provided, 15 climate change adaptation and mitigation initiatives were also approved during the meeting.
Among them, the Gaia project stands out, a combined financing platform that allows institutional investors to deploy commercially focused capital through local and hard currency loans.
De Camps specified that the above-mentioned Gaia project will finance adaptation initiatives in emerging countries to help them meet their priorities, such as national adaptation plans.
In this context, he argued that twenty nations would benefit, including the Dominican Republic, Barbados, Benin, Costa Rica, Mongolia, Peru, Panama, the Philippines, Kenya, Guatemala and Tanzania.
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