Green Climate Fund, the world’s largest climate fund, has approved a landmark $151 million in financing for a climate change initiative by the African Development Bank (AfDB) to combat climate vulnerability in the greater Horn of Africa.
The financing consists of a $60.3 million loan and a 90.7 million grant. The purpose of the fund is to support AfDB’s “Building Climate Resilience for Food and Livelihoods in the Horn of Africa program,” targeting people across Kenya, Djibouti, Ethiopia, Somalia, and South Sudan. \
The development comes as the Greater Horn of Africa faces significant climate-related risks such as rising temperatures, rainfall, floods, and frequent droughts. Climate change has exacerbated socioeconomic challenges in the region.
“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,” said Dr. Martin Fregene AfDB’s director for Agriculture and Afro-Industry.
“This will support the reduction of poverty and food insecurity while contributing to accelerated sustainable economic growth in the region,” Fregene added.
The new resources will facilitate gender-balanced and community-driven resilience solutions. Some of the solutions include renewable energy, sustainable land management practices, agribusiness, early warning, and insurance. Also, AfDB said the financing will bolster its efforts to tackle climate change effects and build resilience.
In addition to community benefits, the new financing will contribute to carbon emission reduction. AfDB predicts the initiative could aid in sequestering 14.1 metric tons of CO2 during the project timeline.
AfDB noted the program will start in 2025 and run over six years.
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