An agreement signed this week at the United Nations climate change conference is a step towards releasing funding for the Tina River Hydropower Development Project.
The accreditation master agreement between the Green Climate Fund and the World Bank was signed on Monday, November 13 on the sidelines of the climate conference, known as COP23, in Bonn, Germany.
Permanent Secretary of the Ministry of Environment, Climate Change, Disaster Management and Meteorology Dr Melchior Mataki is a member of Solomon Islands’ delegation to COP23 who witnessed the signing. He said the agreement has significant implications for the country.
“The World Bank is the entity working with us on our Tina River hydropower project, so before any money can move, this master agreement must be signed,” Mr Mataki said.
It will be followed by a financing agreement that will transfer more than SBD$600 million from the Green Climate Fund to support the hydropower project in central Gudalcanal.
Mr Mataki said the Tina River hydropower project is the World Bank’s first project under the Green Climate Fund.
He said, “So from us, we are truly thankful to the two groups, GCF and the World Bank, for them to go ahead and agree and sign off this accreditation master agreement.”