The Green Climate Fund (GCF) has invested $ 1.2 billion in initiatives that help people adapt to the effects of climate change around the globe. A number of African countries stand to benefit from this climate finance.
Launched within the framework of the UNFCCC as an operating institution of the Financial Mechanism, the GCF aims to assist developing countries with climate change adaptation and mitigation efforts.
Kenya, Malawi, Sao Tome & Principe, and Somalia are among the African countries that will benefit from the GCF’s Cooling Facility, which will get $ 157 million.
Recognizing that renewable energy can help people to be more resilient to the consequences of climate change, the GCF has also released $150 million for the “Desert to Power G5 Sahel” project, which is being implemented in five Sahelian nations; Burkina Faso, Mali, Mauritania, Niger, and Chad as part of the “Desert to Power” initiative, and it is also backed by the African Development Bank (ADB).
Niger is one of the African countries to receive funds from the GCF’s $ 1.2 billion investment. The country will get $35.5 million to build a hydro-agricultural development project using climate-resilient agriculture practices.
This project intends to increase agricultural production in a sustainable way by enhancing crop yields with solar-powered irrigation and pumping systems in hydro-agricultural facilities. The project is co-financed by the West African Development Bank (BOAD), and intends to protect productive capital from the consequences of climate change, particularly silting and flooding.
Tanzania is another beneficiary of the fund. The East African country would receive $ 100 million to carry out its Agricultural Climate Adaptation Technology Deployment Program (TACATDP). The Tanzanian government believes that through increasing access to climate adaption technologies, the program will increase the agriculture sector’s resilience.
This will be accomplished through the construction of a financing and risk-mitigation structure that will make these technologies accessible to local farmers and agricultural firms, as well as technical help and government backing. The program will also enhance government, corporate, and financial sector knowledge of climate hazards and risk reduction strategies.
By enhancing institutional, policy, and regulatory frameworks and increasing the skills of public and private actors, this program will stimulate investments in innovative and climate-friendly cooling technologies and systems, as well as the establishment of an enabling environment.
Pegasus Capital Advisors, an asset manager, is supporting this program (PCA). In six African countries, Latin America, and the Caribbean, the initiative supports investments in six technologies (agricultural analysis, water harvesting and irrigation, food systems, geospatial mapping and imagery, disaster risk modeling, and supply chain analysis). Rwanda and South Africa benefit from CRAFT in Africa.
A total of $ 125 million will be allocated to the Global Coral Reef Fund (GFCR) Investment Window. PCA will construct a private equity fund as part of this program to encourage investment in the blue economy while also safeguarding coral reefs in 17 countries across Africa, Asia, Latin America, and the Caribbean. In Africa, the GFCR is implemented in the Indian Ocean archipelagos, particularly in the Seychelles and Comoros. Mozambique benefits from the GFCR as well.