The world’s largest climate fund, The Green Climate Fund (GCF), has approved $151 million in financing for an African Development (AfDB) program to address climate vulnerability in the Horn of Africa.
- •The financing consists of a $90.7 million grant and $60.3 million loan.
- •It’ll be deployed for the AfDB program benefitting 4.6 million people in Kenya, Somalia, Ethiopia, South Sudan, and Djibouti.
- •It’ll be channeled through ministries responsible for finance and agriculture from the first quarter of 2025.
“The mobilisation of the Green Climate Fund support shows the continued commitment of the African Development Bank Group to scale up climate-resilient and sustainable agriculture systems in the Horn of Africa, thereby improving food security in one of the most vulnerable regions of the planet,” Dr. Martin Fregene, the Bank’s Director for Agriculture and Agro-Industry said.
According to the AfDB, the financing will support community-driven and gender-balanced resilience solutions. These include sustainable land management practices, access to climate-smart technologies and best practices, renewable energy, capacity-building for cooperatives, agribusiness and micro, small and medium enterprises, credit and climate services, early warning, and index insurance.
Founded in 2010 by 194 countries, the Green Climate Fund is an element of the Paris Agreement that works as the operating financial mechanism of the UN Framework Convention on Climate Change.
In the latest deal, the financing will potentially sequester 14.1 metric tons of carbon dioxide equivalent over the project’s 25-year lifetime – equivalent to lifetime emissions of 600,000 cars.