The Time for Climate Finance Is Now

By Neekhil Bhowoniah | World Bank Financial Sector Expert for Mauritius and Seychelles | United Nations FAO Accreditation Expert for the Green Climate Fund Readiness for Mauritius

• Accreditation isn’t a distant opportunity. It’s knocking now, ready to unlock climate resources for Mauritius 

“Mauritius is estimated to have an annual climate finance gap of USD 213 million over the next five years,” states the World Bank Group Country Climate and Development Report (CCDR, Feb 2026). The challenge lies in understanding the “how”. Accreditation is the key that unlocks the climate finance Mauritius urgently needs. The role of accreditation is however all too often ignored, leaving potential funding untapped.

“Mauritius is estimated to have an annual climate finance gap of USD 213 million over the next five years.”

Bridging the climate finance gap in Mauritius requires turning annual climate investment projections from paper/policy reports into action; transforming estimates into bankable, shovel-ready projects that can attract international funding. Accreditation to multilateral climate funds, particularly the Green Climate Fund (GCF), provides a critical gateway to unlock resources. A review of the International Monetary Fund Country Report No. 22/224 clearly indicates that Mauritius needs to secure higher financing through climate funds and green bonds, via accreditation and improved climate-related public investment management.

What’s more, appraisal methodologies in Mauritius are neither standardized nor published, and they do not include climate change specific provisions. By establishing accredited national entities and bringing major reforms into its appraisal system for climate projects, Mauritius can channel climate projects into dedicated pipelines for mitigation, adaptation, or integrated initiatives addressing both, ensuring that investments hit the bullseye in terms of national priorities, as per its NDC 3.0.

Fulfilling the ‘Two-Stage Gatekeeping’

The interlink between accreditation and appraisal constitutes a core two-stage gatekeeping framework in GCF climate finance, ensuring rigorous management of financial, environmental, social, and climate-related risks throughout the project lifecycle. Together, these stages ensure high-impact; bankable climate investments aligned with GCF strategic objectives and eight specific results areas: (i) Health, food, and water security, (ii) Livelihoods of people and communities, (iii) Energy Generation and Access, (iv) Transport, (v) Infrastructure and Built Environment, (vi) Ecosystems and Ecosystem Services, (vii) Buildings, Cities, Industries, and Appliances, (viii) Forests and Land Use.

By institutionalizing this process, Mauritius can ensure that annual climate finance projections are more than just a number on a page, translating them into real-world projects that stand up to scrutiny, de-risk investments, and shore up macroeconomic resilience against climate shocks. In short, accreditation allows the country to turn the trickle of potential funds into a steady stream, strengthening both climate action and the broader fiscal landscape.

 A National Climate Project Appraisal Framework

The proposed appraisal system is typically structured as a multi-stage (8 steps) due diligence process which ensures that proposed projects are not just ticking boxes but truly moving the needle, delivering measurable climate impact, financial efficiency, and sustainable development benefits.

Way Forward: Gap Analysis and Mapping Exercise

By learning from countries with well-established climate finance appraisal and accreditation frameworks, Mauritius can turn the trickle of potential resources into a steady flow, ensuring that climate investments pull their weight in fostering resilience, supporting sustainable development, and safeguarding macroeconomic stability.