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GCF Announces Landmark $309 Million Climate Investment Package for Madagascar, Somalia, and Ghana

The Green Climate Fund (GCF) is making a significant splash in Africa, pledging a combined $309.3 million to Madagascar, Somalia, and Ghana to combat climate change and strengthen their economies. This news comes on the heels of the GCF’s 38th Board of Directors meeting in Kigali, Rwanda, where a total of $1.26 billion in climate financing was approved worldwide.

Somalia Gets a Much-Needed Boost

Somalia, grappling with the devastating effects of a four-year drought and striving for economic stability, will receive a welcome $100 million shot in the arm. This investment, earmarked for mid-2025, aligns with the GCF’s ambitious “50by30” vision of managing a $50 billion fund by 2030, specifically targeting “the countries and communities most vulnerable” to climate change. A bright spot in this plan is the focus on solar energy, aiming to provide Somalis with access to clean and reliable electricity. Additionally, the GCF has set its sights on bolstering climate-smart agriculture, bolstering resilience, and ensuring food security in the coming years.

Sierra Leone Shores Up Coastal Defenses

Further down the African coast, Sierra Leone is receiving $26.9 million to bolster its Sierra Leone Coastal Resilience Project (SLCRP). This project aims to fortify coastal communities and ecosystems against the harsh realities of climate change. Rising sea levels and saltwater intrusion are forcing agriculture inland, leading to deforestation and a weakened coastline. The GCF’s funding will address these issues by supporting water, sanitation, and hygiene (WASH) initiatives. Furthermore, the project will equip farmers and fishers with climate-resilient practices, improve food value chains, promote sustainable resource management, and protect crucial mangrove forests for continued coastal resilience.

Madagascar Strengthens Food Security

Madagascar’s agricultural sector is under siege by climate change, particularly the island’s southern region where droughts are becoming increasingly severe. To bolster the resilience of local populations facing food insecurity, the GCF is pledging $150.8 million. This vital funding will be directed towards strengthening agricultural production systems, improving access to markets to increase incomes, and ultimately enhancing food and nutritional security. The Inclusive Agricultural Value Chains Programme (DEFIS+), implemented with the International Fund for Agricultural Development (IFAD), will be the cornerstone of achieving these goals. This initiative has the potential to positively impact the lives of at least 4 million Malagasy citizens.

Ghana Lights the Way with Solar Power

In Ghana, the GCF has identified solar energy as a key weapon in the fight against climate change. To that end, the Green Climate Fund, headquartered in Incheon, South Korea, is providing a $31.6 million grant to finance the Accelerating Solar Action Programme (Asap). This program, co-funded by Ecobank Ghana, utilizes concessional financing to incentivize the adoption of solar photovoltaic systems by households and micro, small, and medium-sized enterprises (MSMEs).

The GCF’s investment package is a beacon of hope for Madagascar, Somalia, and Ghana. By supporting climate-resilient initiatives, clean energy solutions, and food security measures, the GCF is empowering these nations to build a more sustainable and prosperous future.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

14th March, 2024

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