Green Climate Fund announces $100 million investment partnership for Somalia’s climate action
Hassan Istiila
Source: Hiiraan Online, Wednesday March 13, 2024
Green Climate Fund (GCF) Executive Director Mafalda Duarte visits Prime Minister’s Office
Mogadishu (HOL) – The Green Climate Fund (GCF) announced on Tuesday a $100 million investment partnership to accelerate climate action programs and provide readiness support to Somalia over the next year.
Green Climate Fund (GCF) Executive Director Mafalda Duarte, who led the first-ever GCF delegation to Somalia, announced the investment partnership in Mogadishu after a series of meetings with President Hassan Sheikh, Prime Minister Hamza Barre, Minister of Environment and Climate Change Khadija Mohamed Al-Makhzoumi, cabinet ministers, representatives from the private sector, and civil society.
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“Somalia is the second most vulnerable country to climate change in the world, despite contributing only 0.03 percent of total global greenhouse gas emissions. The interlinked impact of climate change and lack of security has had a devastating effect on people, causing some 43,000 excess deaths in 2022 due to drought, displacing more than six million people, and pushing Somalis away from their homes into overcrowded towns and cities,” said Duarte.
“Recurrent drought and regular flooding lead to failed crops, livestock losses, and the country’s chronic food insecurity problems. GCF is committed to working with the Government of Somalia and its partners to address better the extreme vulnerability the country and its population face,” she added.
GCF also pledged to explore direct readiness support of up to USD 7 million to further capacitate the Ministry of Environment and Climate Change in its technical and coordination role. Additionally, the GCF reiterated its commitment to a strategy of investments and readiness support for Somalia by mid-2025 and a long-term commitment to empowering Somalia to develop priority projects and subsequent investments.
Duarte released her 50by30 vision at the UN Climate Action Summit in September 2023, announcing intentions to build a fund capable of impactfully and efficiently managing USD 50 billion by 2030 – clearly focusing on helping the most vulnerable countries and communities.
Somalia has achieved significant progress in recent years, especially in establishing political institutions, robust public financial management systems and improving security.
Acknowledging the maturation of Somalia’s institutional environment, Duarte emphasized the need for climate finance modalities to adapt: “GCF is committed to supporting the government with what it needs so that together with the flourishing private sector and civil society organizations it can develop priority projects and investments to deliver sustainable, integrated and impactful climate action for durable peace and prosperity.”
The Green Climate Fund (GCF) is the world’s largest dedicated climate fund, with a mandate to foster a paradigm shift towards low-emission, climate-resilient development pathways in developing countries. GCF has over 250 projects and a portfolio of USD 13.9 billion (USD 53 billion, including co-financing), delivering transformative climate action in more than 129 developing countries.