Latest news with #Global Environment Facility
Khaleej Times
4 days ago
- Business
- Khaleej Times
World's oldest climate fund targets wildlife bonds for every country in Africa
The world's oldest multilateral climate fund, the Global Environment Facility, is planning a new wave of wildlife conservation bonds in a bid to help African countries save endangered species and ecosystems. Wildlife bonds, which provide low cost funding in return for cutting poaching or other measures, were pioneered in 2022 with a World Bank-backed rhino bond and have seen a number of other examples since. Recommended For You There was an issue targeting chimpanzee protection in Rwanda last year, and last month the GEF approved one for lemur conservation in Madagascar. Fred Boltz, head of programming at GEF, which is linked to the World Bank, told Reuters on the sidelines of a meeting of African environment ministers that it aims to do one for every one of the 54 countries in Africa. He said such a move would require an investment of $150 million from GEF, which would then be leveraged 10 times to provide a total of $1.5 billion for conservation efforts through other borrowing. Money borrowed using wildlife bonds does not typically go onto the books of beneficiary governments, meaning they can offer much-needed financing to poorer countries, climate finance experts say. They usually target emblematic species in order to appeal to specialist investors and wealthy philanthropists and their payouts are directly linked to conservation - the better the result the less the governments are usually required to pay out. But GEF now hopes they can be expanded to include entire ecosystems such as wetlands, Boltz said. The push by the fund, which was formed after the landmark Rio Earth Summit of 1992, comes as aid and development funding cuts by the United States and other major economies threatens some conservation projects. "Many countries are asking, are suggesting, that in this tough official development assistance environment, that maintaining the last level of replenishment may be difficult," Boltz said, "and that we might need to try to do more with less". The GEF has in total invested $7.7 billion in Africa in various projects, such as an $85 million effort to fight desertification in the Sahel region. It is currently urging donors to replenish its cash for its next four-year cycle of programmes, starting next year. Its last fundraising for its current cycle raised $5.3 billion - an increase of more than 30% from its last operating period amid a surge of support for international efforts to meet nature and climate targets. That funding round got money from 29 countries, with the U.S. among the biggest donors, contributing $700 million.
Zawya
4 days ago
- Business
- Zawya
World's oldest climate fund targets wildlife bonds for every country in Africa
The world's oldest multilateral climate fund, the Global Environment Facility, is planning a new wave of wildlife conservation bonds in a bid to help African countries save endangered species and ecosystems. Wildlife bonds, which provide low cost funding in return for cutting poaching or other measures, were pioneered in 2022 with a World Bank-backed rhino bond and have seen a number of other examples since. There was an issue targeting chimpanzee protection in Rwanda last year, and last month the GEF approved one for lemur conservation in Madagascar. Fred Boltz, head of programming at GEF, which is linked to the World Bank, told Reuters on the sidelines of a meeting of African environment ministers that it aims to do one for every one of the 54 countries in Africa. He said such a move would require an investment of $150 million from GEF, which would then be leveraged 10 times to provide a total of $1.5 billion for conservation efforts through other borrowing. Money borrowed using wildlife bonds does not typically go onto the books of beneficiary governments, meaning they can offer much-needed financing to poorer countries, climate finance experts say. They usually target emblematic species in order to appeal to specialist investors and wealthy philanthropists and their payouts are directly linked to conservation - the better the result the less the governments are usually required to pay out. But GEF now hopes they can be expanded to include entire ecosystems such as wetlands, Boltz said. The push by the fund, which was formed after the landmark Rio Earth Summit of 1992, comes as aid and development funding cuts by the United States and other major economies threatens some conservation projects. "Many countries are asking, are suggesting, that in this tough official development assistance environment, that maintaining the last level of (species) replenishment may be difficult," Boltz said, "and that we might need to try to do more with less". The GEF has in total invested $7.7 billion in Africa in various projects, such as an $85 million effort to fight desertification in the Sahel region. It is currently urging donors to replenish its cash for its next four-year cycle of programmes, starting next year. Its last fundraising for its current cycle raised $5.3 billion - an increase of more than 30% from its last operating period amid a surge of support for international efforts to meet nature and climate targets. That funding round got money from 29 countries, with the U.S. among the biggest donors, contributing $700 million.
Zawya
6 days ago
- General
- Zawya
Madagascar launches $7 million initiative to protect coasts from climate change
Madagascar has officially launched a landmark initiative aimed at enhancing climate resilience by restoring critical coastal ecosystems and improving livelihoods across vulnerable regions. Nearly 100,000 people are expected to benefit directly across four key coastal regions—Boeny, Menabe, Diana, and Atsimo Atsinanana—where climate impacts are already threatening both livelihoods and biodiversity. The project, Scaling Up Ecosystem-Based Adaptation for Coastal Areas in Madagascar, will be executed by the Ministry of Environment and Sustainable Development with a USD 7.1 million grant from the Global Environment Facility and a cofinancing of USD 27 million. The UN Environment Programme (UNEP) assisted the government with developing the project and will act as the implementing agency, as a continuation of a long-standing partnership on resilience-building and strengthened environmental stewardship Madagascar's coastal ecosystems—mangroves, coral reefs, and coastal forests—serve as natural buffers against rising seas, intensifying cyclones, and coastal erosion. Yet these ecosystems are under growing pressure from deforestation, overfishing, and a changing climate. Coastal zones support more than 75% of the local population by providing, for example, marine species for fisheries or valuable non-timber forest products. The new project aims to enhance the resilience of both ecosystems and communities through nature-based solutions, conventionally referred to as ecosystem-based adaptation. In close coordination with the Regional Directorates for Environment and Sustainable Development (DREDD), the project will support integrated coastal zone management structures, enhance national and local adaptation coordination, and provide revised tools and plans to integrate EbA at the regional and municipal levels. The initiative will restore 3,000 hectares of mangroves and coastal forests and rehabilitate 2,000 hectares of degraded watersheds using community-based approaches. Over the course of the project, almost 100,000 people are expected to benefit directly from ecosystem-based adaptation interventions. It will also support the creation of 20 ecosystem-based businesses, with a focus on empowering women and youth through access to training, technical support, and equipment. These businesses will span climate-resilient sectors such as sustainable fisheries, aquaculture, beekeeping, ecotourism, and rainfed agriculture. An official high-level launch ceremony was held on 15 July at Hôtel Le Louvre Antaninarenina, bringing together representatives from national ministries, UN agencies, civil society, and development partners. In her opening speech at the ceremony, the Secretary General of Environment and Sustainable Development Hahitantsoa Tokinirina Razafimahefa, said: 'Restoring mangroves means protecting the coastline, supporting sustainable small-scale fishing, creating natural carbon sinks, and preserving nesting sites for rare species. In other words, it means acting on adaptation, mitigation, food security, and biodiversity conservation—all at once.' Paz Lopez-Rey, UNEP's Programme Management Officer for the new project, said: 'The project will strengthen local governance for integrated coastal zone management, while ensuring the integration of ecosystem-based adaptation into key regional and municipal planning tools. But it will go further than that; it will lead to a national strategy to scale up ecosystem-based adaptation in other vulnerable coastal areas of the country.' Distributed by APO Group on behalf of United Nations Environment Programme (UNEP).
