24th-May-2021: National Council Review on the Agreement between the Government of the Kingdom of the Bhutan and the Green climate Fund on the Privileges and Immunities of the Green Climate Fund

The Natural Resources and Environment Committee (NREC) of the National Council held a consultative meeting on the Agreement between the Government of the Kingdom of Bhutan and the Green Climate Fund on the Privileges and Immunities of the GCF with the officials from Gross National Happiness and representatives from Bhutan Trust Fund for the Environmental Conservation led by the Director.

The Chairperson of the Committee opened the floor with the introduction of its Committee Member and made a brief introduction by Director.The Committee Chairperson also shared the core background of the review of the Agreement.

The presentation highlights the background of the Agreement, GCF projects in Bhutan, GCF Privileges and Immunities, recommendations of granting P & I of GCF and P & I implications on the Agreement. GCF, based in South Korea, is the leading global financial mechanism for addressing climate change issues. It provides grants, loans and equity-based on the country's need. The fund pledge to GCF, mainly coming from the developed countries, totals USD 7.2 billion. In Bhutan, GCF had approved 7 projects amounting to USD 57 million. The projects primarily include construction and climate proofing of irrigation channels and nature conservation projects as part of the Bhutan for Life Project.  Additionally, Bhutan is also preparing to submit projects amounting to USD 60 million on water, low emission transport and disaster risk reduction from flash flood to GCF.

The NREC is ratifying the GCF agreement to be present in the upcoming National Council Session as directed by the House. The meeting adjourned with a question and answer session.

National Council Review on the Agreement between the Government of the Kingdom of the Bhutan and the Green climate Fund on the Privileges and Immunities of the Green Climate Fund

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