KATHMANDU, March 4: Alternative Energy Promotion Center (AEPC) has been awarded a US $50 million grant from Green Climate Fund (GCF) for running low-carbon climate-resilient development projects and programs in Nepal.
The 22nd board meeting of the GCF held on February 26-28 approved the accreditation application for Nepal.
Issuing a press statement Sunday, the Ministry of Finance said this was an outstanding milestone for climate finance in Nepal, which was a result of strong commitment from AEPC, the leadership of Nepal's National Designated Authority (NDA) to the Fund, and the efforts of the ministry.
This program is under the technical support of the GCF Readiness Programme, funded by the Government of Germany and jointly implemented by the United Nations Development Programme and United Nations Environment Programme.
Shreekrishna Nepal, joint secretary at the Ministry of Finance and NDA focal person at the ministry, said: "This is a landmark moment for Nepal whereby a federal government institution has become accredited for direct access with largest global fund on climate change."
He further said that this will help access and mobilize resources steering the country towards low-emission and climate resilient pathways. AEPC is the nodal agency of the Government of Nepal for the promotion and development of renewable energy and energy efficiency in Nepal. It focuses on both on-grid and off-grid technologies and promotes local private stakeholders for innovation, implementation and operation of projects.