Commonwealth deploys advisor to help Maldives set up climate trust fund

Commonwealth Climate Finance Access Hub (CCFAH) has deployed a Commonwealth National Climate Finance Adviser to Maldives to support the country establish a trust fund to adapt to and mitigate the effects of climate change.

In a statement, CCFAH said Friday that the Sagar Joshi will work with the Maldives' environment ministry to develop a National Climate Change Trust Fund, as well as preparing associated operational manuals and procedures for the fund.

"... the Commonwealth National Climate Finance Adviser (CNCFA) for Maldives will draw on the work and experiences of the CNCFAs for Tonga who are helping to operationalise the Tonga Climate Change Fund," the statement read.

"They can also draw knowledge from those who have supported Antigua and Barbuda in the revision of the operational manual of the Sustainable Island Resource Framework Fund (SIRF Fund)."

The CCFAH aims to support small and other vulnerable Commonwealth countries, who often bear the brunt of climate change, by facilitating enhanced access to millions of dollars earmarked for climate action.

The CCFAH uses a hub-and-spokes approach with a central hub in Mauritius complemented by regional and national climate finance advisers embedded in regional institutions and government departments and ministries in beneficiary countries across the Commonwealth. These advisers are then able to help build on the ground capacity to access climate finance.

As of April 2023, the Hub has deployed 18 Commonwealth National Climate Finance Advisers across the Africa, Pacific and Caribbean regions. There are 14 advisers currently in place in member countries to support the mobilisation of climate finance. To date, $250 million in climate finance for 67 projects, including grants and concessional loans, has been accessed with CCFAH support.