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Green Climate Fund grants $5m for KOICA’s Fiji project

(KOICA)
(KOICA)

The Korea International Cooperation Agency, or KOICA, said Friday that the Green Climate Fund has granted $5 million for its Fiji Agrophotovoltaic Program.

The Fiji Agrophotovoltaic Program combines solar power generation with agriculture as part of the Fijian government’s drive to fight climate change and to switch fully to renewable power sources by 2035.

According to KOICA, Fiji is one of the 10 countries that are most vulnerable to natural disasters, and climate change threatens the country’s food security.

In an effort to aid Fiji’s renewable energy drive, KOICA has been managing the Fiji Agrophotovoltaic Program through technical cooperation with the Korea Environmental Industry and Technology Institute since 2018.

The project consists of two stages -- building and managing solar power plants on the Fijian island of Ovalau and providing technical support for steps to strengthen agricultural productivity at the plant site.

The program’s $20 million budget will be raised by GCF, KOICA and the Fiji Development Bank, which will provide $9 million, $8 million and $1 million respectively. The remaining $2 million will be raised through private equity investments.

The GCF funds approved Friday will be used for the first stage of the program, and the remainder for the second phase.

According to KOICA, the program will enable Fiji to reduce greenhouse gas emissions, cutting 90,000 tons of carbon dioxide on an annual basis. It will also provide a more reliable source of electricity and improve Fiji’s agricultural capacity.

“In the post-Covid-19 era, climate change is an essential task that the world must work together to respond to and resolve,” KOICA President Lee Mi-Kyung said in a press release.

“In the future, KOICA will work with the GCF to promote various climate change projects to support developing countries in responding to climate change, and make efforts to advance the global Green New Deal.”

By Choi He-suk (cheesuk@heraldcorp.com)
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