Latest news with #GCF
IOL News
9 hours ago
- Business
- IOL News
Green Climate Fund awards R700 million to South Africa for climate disaster resilience
Damages caused by the April 2024 flash flood in Margate on the KZN South Coast. Image: Johan Steyn MILLIONS of vulnerable South Africans stand to benefit after the country secured a multimillion-rand grant for eco-friendly disaster risk management. It comes as the country grapples with changing weather patterns and the effects of climate change, which have caused widespread devastation and loss of life. This week the Green Climate Fund (GCF) approved a grant of just over USD 40 million (around R700 million) during its 42nd Board meeting, currently underway in Port Moresby, Papua New Guinea. The funding will support the South African National Biodiversity Institute's (SANBI) Eco-Disaster Risk Reduction (Eco DRR) project, which will be rolled out over the next eight years. SANBI described the grant as a 'landmark investment' for the implementation of its initiative, officially titled; Scaling up ecosystem-based approaches to managing climate intensified disaster risks in vulnerable regions of South Africa, or simply the Eco DRR project. 'The role of biodiversity in South Africa's response to climate change is at the heart of this project,' said SANBI CEO Shonisani Munzhedzi. 'Healthy ecosystems act as natural buffers against climate extremes, protecting lives, infrastructure, and livelihoods. This project represents a major step forward in climate adaptation financing for South Africa.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Munzhedzi noted that SANBI's accreditation as a Direct Access Entity of the GCF since 2016 has enabled it to unlock international climate finance, while advancing national priorities and building institutional capacity. To date, SANBI and the Development Bank of Southern Africa (DBSA) remain the only South African institutions accredited by the GCF. The organisation said the eight-year project is expected to have a 20-year impact in the communities where it will be implemented. It is projected to directly benefit around 366,000 people and reach over 5.1 million South Africans indirectly—especially those living in areas hardest hit by floods, droughts, and wildfires. Dion George, the Minister of Forestry, Fisheries and the Environment said that, 'The increasing frequency of floods, droughts and wildfires pose a serious threat to South Africa's communities, especially those in rural and peri-urban areas.' "This investment will support our efforts to strengthen ecological infrastructure, reduce disaster risk, and build adaptive capacity where it is needed most.'' George said the GCF's approval was a 'monumental achievement for South Africa and a testament to SANBI's expertise as a Direct Access Entity to the GCF.' 'The Eco DRR project will empower millions of our citizens, ensuring that we build a resilient future where nature and communities thrive together,' he said. He added that by harnessing the power of ecosystems, the project would not only help reduce disaster risks but also promote inclusive growth and environmental stewardship. 'It is a beacon of hope for a greener, stronger South Africa,' he said.
Zawya
a day ago
- Business
- Zawya
North Africa: Green Climate Fund approves a record $300 million for Food and Agriculture Organization of the United Nations (FAO)-designed projects in Papua New Guinea, Saint Lucia and the Sahel
The Green Climate Fund (GCF) has approved projects worth more than $300 million that will protect forests in Papua New Guinea, promote sustainable fisheries in Saint Lucia, and help grow Africa's Great Green Wall. The initiatives, designed by the Food and Agriculture Organization of the United Nations (FAO), were greenlighted at the 42nd meeting of the GCF Board, held in the Papua New Guinea capital from June 30 to July 3. It represents the highest-value batch of such approvals to date. 'Through sustainable forestry management, fisheries transformation and land restoration, these FAO-designed projects will make a significant difference to the lives and livelihood of these vulnerable communities, especially in the current global context of overlapping and complex crises due to climate extremes and other shocks,' said FAO Director-General QU Dongyu. 'FAO appreciates the unwavering trust that the GCF and Member Countries place in FAO's professional capacity to provide the required technical expertise to strengthen resilience and safeguard the livelihoods of the most vulnerable,' he added. 'The FAO-GCF partnership continues to be critical for the climate investments in agrifood systems required to deliver science-based concrete solutions to countries and communities where they are needed most, leaving no one behind.' All three approvals were outcomes of successful FAO-led GCF readiness projects, as well as other long-standing technical collaborations, which unlocked the resources countries needed to pursue more ambitious climate projects. Papua New Guinea FAO has supported the country to design a high-impact climate project, within the framework of GCF's pilot programme for results-based payments, that will direct investments worth $63.4 million into Papua New Guinea's sustainable forest management activities. This substantial GCF investment recognizes the Government's achievements in reducing greenhouse gas emissions by 17 million tonnes of carbon dioxide equivalent (tCO₂e) during the 2014-2016 period – comparable to taking over 3 million cars off the road for a year. Funding for the project falls under the initiative known as REDD+ (Reducing Emissions from Deforestation and forest Degradation), and will support the Government's efforts to conserve forests and implement the National REDD+ Strategy 2017–2027. Papua New Guinea has been an advocate for the REDD+ global process since its very inception in 2008. The country has kept forest conservation and reducing emissions from the forest sector high on the national and global agenda including through support from FAO and the UN-REDD programme. The investments seek to promote a virtuous cycle of emission reductions by promoting agroforestry, sustainable fuelwood and charcoal production, community pole and timber plantations, the restoration of natural forest, and more. The project will place special emphasis on the social dimension, prompting benefit sharing, encouraging stakeholder engagement, and strengthening both local and national capacities. Papua New Guinea's tropical rainforests – of which three-quarters are primary forests – cover 78 percent of the country's land, making it a global biodiversity hotspot. The forests are home to 191 species of mammals, and 750 species of bird. They also serve as vital carbon sinks, storing large amounts of carbon in above-ground biomass and soil. Saint Lucia The FISH-ADAPT project in Saint Lucia, with an investment of $16.7 million, has been designed to reduce the risks that climate change poses to the fishing and aquaculture sectors in this Small Island Developing State located in the eastern Caribbean Sea. The project aims to transform Saint Lucia's fisheries sector by making fishing safer and more productive despite a changing climate. It will foster a circular economy to help reduce waste, enhance resource efficiency, and promote livelihood diversification for more resilient communities. Fish value chains and markets will be strengthened; coastal fish grounds and aquaculture systems will become more climate resilient; and fishers will have more diversified incomes. The initiative will put in place agrifood solutions that build sustainability and resilience to improve efficiency, safety and productivity in the fisheries sector. These include empowering fishers and aquaculture farmers by enhancing access to weather data, upgrading landing sites and promoting sustainable offshore fishing. Saint Lucia's geographic position and socio-economic dependence on the fisheries sector make it especially vulnerable to the impacts of climate change. Fisherfolk who rely on the sea for their livelihoods are finding it increasingly difficult to adapt to a changing climate and declining fish stocks. Increased air temperature and changing rainfall patterns have also been affecting inland aquaculture. Considering these challenges, FISH-ADAPT will target approximately 75,000 beneficiaries – about 41 percent of the population – including marine fishers, sea-moss farmers, fish vendors and processors, and inland aquaculture farmers. The Sahel The Scaling-Up Resilience in Africa's Great Green Wall (SURAGGWA), with an investment of $222 million, will support livelihoods of agropastoral and pastoral communities living in the Sahel's semi-arid regions, who are extremely vulnerable to climate change. The initiative is FAO's first multi-country proposal and the largest funding request ever submitted on behalf of its Member Countries. It builds on the extensive work done by FAO on the Great Green Wall initiative, in particular the Action Against Desertification Programme. The initiative will seek to scale up successful land restoration practices using a diversity of native species to increase livelihood resilience while also sequestering carbon. It will develop value chains for climate-resilient and low-emission non-timber forest products, supporting the livelihoods and food security of vulnerable communities. Another key aspect of the project will be to strengthen national and regional Great Green Wall institutions to ensure the sustainability and coordination of interventions and monitoring of restoration results as well as mobilizing additional resources including through climate change adaptation and mitigation financing mechanisms. The SURAGGWA Programme will advance the African Union's ambitions to transform Sahelian landscapes by restoring 100 million hectares of degraded land and creating 10 million jobs. Working with smallholder farmers and pastoralist communities, it will also build resilience and contribute to climate change mitigation through carbon sequestration in restored lands across the eight participating countries (Burkina Faso, Chad, Djibouti, Mali, Mauritania, Niger, Nigeria and Senegal). A quarter of the 100 million people who live in the Sahel rely on pastoralist livelihoods. Poverty, social tensions, and climate change put additional strain on herders and farmers who already compete for limited resources and land. Agriculture, livestock and forestry activities are the foundation of their economies and more than 70 per cent of rural communities depend directly on rainfed agriculture. The FAO–GCF partnership The new approvals raise FAO's GCF portfolio to over $1.8 billion, with climate investments delivering sustainable agrifood system solutions to the countries and communities where they are needed most. You can read more about FAO's partnership with GCF here. Distributed by APO Group on behalf of Food and Agriculture Organization (FAO).
IOL News
a day ago
- General
- IOL News
South Africa's Eco-DRR Project: a R700 million initiative to combat Climate Change
The recent deaths in the Eastern Cape floods is exactly what this innovative initiative hopes to avoid. It is expected to directly benefit approximately 366,000 people with a further reach of more than 5.1 million South Africans, particularly those residing in areas prone to devastating floods, prolonged droughts, and rampant wildfires. South Africa is poised to make significant strides in combating climate change, thanks to a landmark grant of R700 million (USD 40.1 million) from the Green Climate Fund (GCF). This financial boost will facilitate the launch of the 'Scaling up ecosystem-based approaches to managing climate intensified disaster risks in vulnerable regions of South Africa' project, better known as the Eco-DRR project. Approved by the GCF Board during its recent meeting in Papua New Guinea on 1 July 2025, the Eco-DRR project is set to span eight years with an extensive 20-year impact projected on local communities. This innovative initiative is expected to directly benefit approximately 366,000 individuals, with a further reach of more than 5.1 million South Africans, particularly those residing in areas prone to devastating floods, prolonged droughts, and rampant wildfires. 'The increasing frequency of floods, droughts, and wildfires poses a serious threat to South Africa's communities, especially those in rural and peri-urban areas,' said Dion George, the Minister of Forestry, Fisheries and the Environment. He added that this investment will bolster ecological infrastructure, mitigate disaster risks, and enhance adaptive capacities where they are most crucial. The South African National Biodiversity Institute (SANBI) will spearhead the execution of the Eco-DRR project, collaborating with the Department of Forestry, Fisheries and the Environment (DFFE), the South African Local Government Association (SALGA), and four climate-vulnerable District Municipalities across the Eastern Cape, Limpopo, Mpumalanga, and North West provinces. Insights derived from the project are anticipated to inform broader climate change adaptation responses throughout the nation. This investment seeks to deliver far-reaching advantages, particularly to communities facing the harsh realities of climate change impacts. By focusing on the restoration and protection of vital ecosystems, such as wetlands, forests, and catchments, the project will substantially reduce vulnerability to extreme weather events, enhance water security, and promote sustainable livelihoods anchored in nature. Another critical aspect of the Eco-DRR project is its commitment to empowering local governments and communities through training and resources necessary for effective disaster preparedness and climate adaptation. 'The role of biodiversity in South Africa's response to climate change is at the heart of this project," remarked Shonisani Munzhedzi, CEO of SANBI. 'Healthy ecosystems act as natural buffers against climate extremes, protecting lives, infrastructure, and livelihoods. This project marks a significant advancement in climate adaptation financing for South Africa.' SANBI's accreditation as a Direct Access Entity of the Green Climate Fund since 2016 puts the institute in a strategic position to harness global climate finance effectively. This facilitates an alignment of resources with local priorities and needs, thereby strengthening institutional capabilities and ensuring the climate adaptation agenda is driven by South Africans, for South Africans. The Eco-DRR project is part of SANBI's broader climate adaptation portfolio and aligns directly with the GCF's Targeted Results for 2024-2027, focusing on ecosystems and food systems. This initiative promotes integrated, locally driven, and gender-responsive development, paving the way for a resilient, climate-adaptive future for South Africa. Furthermore, its implementation supports the Climate Change Act, addressing the urgent need for action in the face of escalating climate challenges.
The Wire
2 days ago
- Business
- The Wire
Climate Finance Needs a Conductor
As the multilateral order comes under growing strain, several trends are becoming increasingly clear. International development assistance and climate finance appear to have peaked, even as global needs continue to evolve. At the same time, international institutions, faced with mounting pressure to prove their efficiency and cost-effectiveness, are reassessing their operations. But today's climate-finance challenges demand more than introspection; they call for structural change, decisive action, and – above all – coordinated leadership. Climate finance is currently delivered through a broad array of institutions: multilateral bodies like the Green Climate Fund (GCF), the Global Environment Facility (GEF), and the newly established Fund for Responding to Loss and Damage (FRLD); multilateral development banks (MDBs); and an ever-expanding network of philanthropic, national, and regional initiatives. Each was created to fill a perceived functional or political gap. Collectively, however, they form a sprawling and often unwieldy sprawl creates two major challenges. First, it fosters unhealthy competition. Many of these institutions draw on the same pool of donors, serve similar recipient countries, and have overlapping mandates. The result is a bureaucratic maze and high transaction costs, with recipient countries often spending more time navigating the system than accessing its benefits. As a 2024 report by the G20's climate-finance working group warned, fragmented and inefficient access mechanisms are among the most significant obstacles to effective climate action. Second, and paradoxically, this competition also leads to inertia, because institutions, protective of their respective niches, become increasingly reluctant to depart from established practices. While differences in size and financial terms should enable climate funds and MDBs to serve distinct, complementary roles, in practice their policies and portfolios often converge. The FRLD is a striking example. When the need for a dedicated mechanism to address loss and damage became urgent, no existing institution was equipped – or willing – to take the lead, so a new entity had to be competition for resources and inertia regarding evolving challenges are only part of the issue. The deeper challenge lies in fragmented governance. Despite repeated calls to improve coordination, meaningful alignment remains elusive, largely because climate-finance institutions operate under fundamentally different governance structures. The GCF, GEF, FRLD, Adaptation Fund, and Climate Investment Funds all report to separate governing bodies, each with its own mandate and varying degrees of alignment with the UN Framework Convention on Climate Change (UNFCCC). MDBs answer to their shareholders, while bilateral and philanthropic organisations are driven by domestic or private agendas. As a result, no single body is capable of overseeing or steering the entire doesn't just hinder strategic planning; it also distorts access. Each institution has its own rules, timelines, and application requirements, creating a patchwork of uncoordinated and inconsistent processes. Recipient countries must navigate multiple systems, often with limited institutional capacity, making access to climate finance burdensome and uneven. A recent synthesis report report by the GCF's Independent Evaluation Unit underscores the need for structural reform, finding that climate finance tends to flow to countries that already have access to traditional development financing. While this may seem intuitive, it is also deeply troubling. The implication is that countries with greater institutional capacity and experience with complex funding mechanisms are better positioned to secure climate finance, leaving the world's most vulnerable regions systematically there is a broad consensus that access should be faster and simpler, why does it remain so difficult to achieve? The answer is that facilitating climate finance is not just a technical challenge. As the GCF synthesis report notes, real progress requires more than procedural tweaks. It calls for governance structures tailored to the specific needs of fragile and capacity- constrained countries, sustained investment in institutional capacity, and an equitable distribution addition to creating inefficiencies, fragmented governance deepens inequality. Without sufficient specialisation, a willingness to break with the status quo, and a dose of institutional innovation, climate finance will continue to flow to countries with stronger institutions and fuller project pipelines. What climate finance urgently needs is a coordinating mechanism, coalition, or platform with the authority to review the current architecture and guide institutions toward more specialised, complementary roles – much like a conductor bringing harmony to an otherwise disorganised orchestra. And this is the fundamental challenge: the absence of a decision-making platform tasked with steering the evolution of climate finance architecture. While the G20 has made climate finance a top priority and addressed several issues related to the broader financial architecture, its limited membership means it lacks universal representation. The UNFCCC can direct funds within its own financing mechanism, but it is slow-moving and lacks the mandate to regulate MDBs and other actors. Similarly, the UN Environment Assembly may not have the necessary speed, scope, or reach to lead this effort effectively. The upcoming Fourth International Conference on Financing for Development (FfD4) is a rare opportunity to address the institutional sprawl that impedes effective climate action. As a UN initiative, it offers both legitimacy and universal participation. While not a climate summit, it is one of the few platforms where climate finance intersects with broader questions of development, debt, and institutional reform. The FfD4 draft outcome document rightly urges international policymakers to prevent the further proliferation of climate funds, calling for greater integration among existing mechanisms. But it may need to go further by offering clear guidance on how the various components of climate finance can work together more effectively. Even if FfD4 does not resolve these questions, it could still play a pivotal role in identifying the coordinating force needed to ensure the coherence of climate finance.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Egypt launches clean tech initiative backed by UN to advance climate leadership
Egypt has launched a new national initiative to position itself as a regional leader in clean technology innovation, with support from the United Nations Industrial Development Organization (UNIDO) and funding from the Green Climate Fund (GCF). Ali Abu Sena, head of Egypt's Environmental Affairs Agency, chaired the inaugural steering committee meeting of the project, which aims to accelerate climate action and support the country's energy transition. The initiative brings together key stakeholders, including UNIDO's Resident Representative in Egypt, Patrick Gilbert, and Dr. Mahitab El Rammal, Egypt's National Focal Point for the GCF. Minister of Environment Yasmine Fouad highlighted that the project will strengthen institutional coordination, build capacity across the clean tech ecosystem, attract private sector participation, and enhance early-stage climate finance. 'This is a strategic step to bolster Egypt's regional standing in climate innovation and sustainable industrial development,' Fouad said. She emphasized the project's role in supporting Egypt's shift toward a low-emissions, climate-resilient economy. Abu Sena added that the initiative will also develop innovative financing tools, offer business acceleration programs, and support the preparation of bankable climate projects aligned with the GCF's criteria. These efforts are directly linked to Egypt's Nationally Determined Contributions (NDCs) and its 2050 National Climate Strategy. He stressed the project's focus on empowering clean tech entrepreneurship, fostering climate-smart innovation, and generating green jobs through close collaboration with startups, government entities, private investors, and strategic sectors.
