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At the meeting of its Board of Directors held in Kigali, Rwanda, the Green Climate Fund (GCF) approved USD 1.26 billion in climate financing worldwide. Out of that four African countries will receive 309.3 million dollars from 2025. Madagascar, Somalia, Ghana, and Sierra Leone are the African countries to benefit from the 1.26 billion dollars in investments announced by the Green Climate Fund (GCF) at the end of its 38th Board of Directors meeting in Kigali, Rwanda.
Somalia, which has been badly affected by four years of drought and is also seeking to regain a degree of economic stability, will be able to benefit from USD 100 million in climate action investments. These investments will be made from mid-2025, as part of the GCF’s “50by30” vision to establish a fund capable of managing USD 50 billion by 2030, with a clear focus on helping the countries and communities most vulnerable to climate change. One of the sectors targeted in Somalia is solar energy, to give people access to clean electricity. Over the next few years, the GCF plans to support projects to strengthen climate-smart agriculture, resilience, and food security.
USD 26.9 million to support the implementation of the Sierra Leone Coastal Resilience Project (SLCRP). It aims to increase the climate resilience of coastal communities and ecosystems in this West African country. In Sierra Leone, climate change is manifesting itself in the intrusion of saltwater into coastal areas, forcing agriculture further inland, and leading to deforestation and coastal erosion. This initiative will cover the water, sanitation, and hygiene (WASH) sector. It will also support climate-resilient livelihood practices for farmers and fishermen, improve food value chains, promote sustainable resource use and management, and conserve and restore mangroves for coastal resilience.
Madagascar’s agricultural sector is also under threat from climate change, which is exacerbating droughts, particularly in the south of the island. To support the resilience of local populations faced with food insecurity, the GCF is pledging USD 150.8 million to finance the strengthening of agricultural production systems, increasing incomes through better access to markets, and improving food and nutritional security. These objectives will be pursued as part of the Inclusive Agricultural Value Chains Programme (DEFIS+), implemented with the support of the International Fund for Agricultural Development (IFAD). This initiative should benefit at least 4 million Madagascans.
Read Also:
https://trendsnafrica.com/green-climate-fund-approves-170-9-million-usd-for-africa/
https://trendsnafrica.com/usd-26-8-mn-gcf-fund-for-climate-resilience-projects-in-sierra-leone/
https://trendsnafrica.com/usd-188-mn-fund-for-green-investment-in-morocco/
In Ghana, the Green Climate Fund has identified solar energy as a solution for mitigating climate change. The financial institution based in Incheon, South Korea, has therefore decided to grant 31.6 million dollars to finance the Accelerating Solar Action Programme (Asap). Co-financed by Ecobank Ghana, the programme uses concessional financing to promote the adoption of solar photovoltaic systems by micro, small, and medium-sized enterprises (MSMEs) and households.
