Cambodia has picked three local banks to get help accessing the world’s biggest climate fund, with Foreign Trade Bank of Cambodia leading the charge to submit its application by late 2025, according to a press release from the Global Green Growth Institute (GGGI). Cambodia’s Ministry of Environment and GGGI selected Foreign Trade Bank, ACLEDA Bank, and Advanced Bank of Asia after months of testing their ability to handle Green Climate Fund requirements. All three banks will get technical support, but FTB gets first crack at applying for accreditation to access GCF money. The selection comes after a year of building up these banks’ skills through a GCF Readiness project that GGGI runs with GCF funding.
The Green Climate Fund is the biggest pot of international climate money available, helping developing countries invest in clean energy and climate protection projects. Getting accredited to tap into GCF funds isn’t easy—banks need to prove they can handle the money responsibly and follow strict environmental and social rules. Cambodia’s strategy is smart: instead of putting all eggs in one basket, they’re building up multiple institutions that can eventually access climate finance.
GGGI and its partner Global Factor put these banks through comprehensive tests, checking their financial management systems, environmental safeguards, and gender policies. The process was transparent, with stakeholder consultations and approval from Cambodia’s national climate authority. H.E. Dr. Chuop Paris, Secretary of State at the Ministry of Environment, calls the selection “a testament to Cambodia’s inclusive and forward-looking approach to climate finance.”
The timing matters because Cambodia needs serious money to deal with climate change impacts and transition to clean energy. Having local banks that can access international climate funds means projects can move faster and fit better with national priorities. Ms. Shomi Kim, GGGI’s country representative, says this support “lays the foundation for achieving this mission and attracting more climate finance to Cambodia in a sustainable manner.”
The Ministry of Environment and GGGI will now help FTB prepare its full application while continuing to build capacity at all three banks. This approach creates a pipeline of institutions ready to handle climate finance, giving Cambodia multiple options for accessing the billions of dollars available through the GCF.
