Friday, January 27, 2023
HomeBusinessCOP27: Climate Investment Funds announces nine countries to participate in the first...

COP27: Climate Investment Funds announces nine countries to participate in the first Nature, People and Climate platform

The Climate Investment Funds (CIF) will extend $350 million in financing and other support for nature-based solutions in nine countries under its Nature, People and Climate Investment platform.

The beneficiary countries are: the Dominican Republic, Egypt, Fiji, Kenya, and the Zambezi River Basin Region, comprising Zambia, Malawi, Mozambique, Namibia and Tanzania. They were announced during the global climate summit (COP27) taking place in Sharm el-Sheikh, Egypt.

The Nature, People and Climate program deploys nature-based solutions that acknowledge linkages among land use, climate-change mitigation and adaptation, and the improvement of the sources of livelihoods of rural communities and Indigenous people.

It covers sustainable agriculture, food supply, forests, resilient coastal systems and efforts to empower indigenous people and local communities. As a next step, the participating countries will develop investment plans in collaboration with a number of partner multilateral development banks. The platform also works with multilateral development banks to de-risk and scale investment based on a systems-level rather than a project-level approach. 

The Funds’ CEO Mafalda Duarte said that fifty five developing countries applied to participate in the program over the past few months, underscoring the urgent demand for climate finance.

“I extend our gratitude to Italy, the United Kingdom and Sweden for the incredible partnership. Congratulations to these countries. We cannot wait to get going and this is only the beginning. We will also be supporting Ethiopia, Rwanda, Namibia and Brazil for investment plan preparations, in anticipation of receiving further contributions,” Duarte said.

In opening remarks, Italy’s Special Envoy for Climate Change, Ambassador Alessandro Modiano, said: “Humanity is facing a dual threat: climate change and biodiversity loss. The two are a dire consequence of human activity and economic progress at the expense of nature,” he said.

A panel discussion followed the announcement.  The panelists were Egypt’s Minister of International Cooperation Rania Al-Mashat; the Zambian Minister of Green Economy and Environment Collins Nzovu; the Netherlands’ Climate Envoy Prince Jaime de Bourbon de Parme; and African Development Bank Vice President of Agriculture, Human and Social Development Beth Dunford.

Dunford highlighted the importance of supporting farmers to adopt nature-based solutions.

“For agriculture to prosper, we need to have healthy ecosystems that can be boosted by farmers. Supplying this technology and information will also help them adapt and make them climate resilient,” she said.

Minister Al-Mashat thanked Climate Investment Funds on behalf of her country. “We have a lineup of priority projects on adaptation and mitigation. These funds will help us implement these plans,” she said.

Minister Nzovu applauded the effort put in by organizations and partner countries to come together to help African countries in need of climate finance.

“Africa needs to adopt nature based solutions so that we can provide our own food and water and be self-sufficient as a continent,” he said. “There is a need for awareness for not only politicians but also citizens to understand why their countries are sending funds to other countries.”

According to the United Nations Environment Programme (UNEP), annual nature investments from G20 nations alone need to increase by an additional $165 billion per year, an increase of 140 percent from existing levels, to realize biodiversity, land restoration and climate targets by 2050.

Source African Development Bank Group

The Maravi Post has over one billion views since its inception in December of 2009. Viewed in over 100 countries Follow US: Twitter @maravipost Facebook Page : maravipost Instagram: maravipost    
Maravi Post Reporter
Maravi Post Reporter
Op-Ed Columnists, Opinion contributors and one submissions are posted under this Author. In our By-lines we still give Credit to the right Author. However we stand by all reports posted by Maravi Post Reporter.

Most Popular

Recent Comments

The History of online Casinos – Agora Poker – hao029 on The History of online Casinos
Five factors that will determine #NigeriaDecides2023 - NEWSCABAL on Leadership Is Difficult Because Governance Is Very Stubborn, By Owei Lakemfa
Asal Usul Texas Holdem Poker – Agora Poker – hao029 on The Origins of Texas Holdem Poker
Malawi has asked Mike Tyson to be its cannabis ambassador - Techio on Malawi lawmaker Chomanika against Mike Tyson’s appointment as Cannabis Brand Ambassador over sex offence
Finley Mbella on Brand Chakwera leaks Part 1
Maria Eduarda Bernardo on The 2021 Guide to Trading Forex Online
Atsogo Kemso, Political Foot Soldier on Why MCP and UTM Alliance Will Fail
Em. Prof. Willem Van Cotthem - Ghent University, Belgium on Malawi army, National bank cover Chilumba barrack with trees
Christopher Murdock on Why dating older woman is dangerous?
Samantha The Hammer on Why dating older woman is dangerous?
Muhindo Isevahani on The Cold War Against TB Joshua
JCON/SCOAN/BKN(888/8885/8808) on The Cold War Against TB Joshua
Keen Observer on Jesse Kabwila, Then and Now
Francesco Sinibaldi on Advertising in 2020 and beyond
John Musilla on