Green Climate Fund Approves $151 Million for African ⁤Development Bank’s⁤ Resilience Program

The Green Climate⁢ Fund has approved a significant funding package of $151 ⁤million to support ​the African ⁤Development Bank’s “Building Climate Resilience for Food and Livelihoods in the Horn of Africa” program.

The program, which will benefit 4.6 million​ people across Djibouti, Somalia, Kenya, Ethiopia, and South Sudan, aims to address climate vulnerability‍ in the Horn of Africa. The funding⁢ comprises a grant of $90.7 million and a loan‍ of $60.3 million.

Climate Vulnerability in the Horn of Africa

The Horn of‍ Africa is highly vulnerable to climate-related risks, including irregular rainfall, rising temperatures, and increasingly frequent droughts and floods. These‍ conditions have exacerbated socio-economic challenges and threatened ​the livelihoods of agro-pastoral communities that depend on rain-fed agriculture.

Climate change ⁣has led to an increase in livestock, crops,⁤ and human diseases, as well as land degradation, reducing ⁤productivity. The African Development Bank’s program seeks to build climate resilience and improve food security in⁣ the region.

Building Climate Resilience

Dr. ​Martin Fregene,‍ the Bank’s Director for Agriculture and Agro-Industry, emphasized the Bank’s commitment to building climate resilience. “The Green Climate Fund’s mobilization of support demonstrates the African Development Bank Group’s continued commitment to⁤ increasing sustainable and climate-resilient agriculture‌ systems ⁣in the ‍Horn ‌of Africa.”

The program will support community-driven and gender-balanced resilience solutions, including sustainable land⁤ management​ practices, access to climate-smart technologies, and renewable energy. It will also provide capacity building for cooperatives, agricultural and micro businesses, small and medium enterprises, credit, and climate services.

Reducing Carbon Emissions

The Green Climate Fund funding will contribute ‌to significantly reducing carbon⁢ emissions, potentially sequestering 14.1 metric tonnes⁤ of carbon dioxide equivalent over ⁢the project’s 25-year life. This is equivalent to the lifetime emissions of 600,000 cars.

Implementation and Monitoring

The African ⁣Development Bank⁣ will administer the new funding and monitor the program, which will start in the first quarter of 2025. The five target countries ​will implement the ‍program over six years, with project interventions ⁤expected to benefit target communities for 25 years.