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Food security

Access to climate finance : regional stakeholders to validate a portfolio of climate-resilient agricultural projects

Following capacity-building workshops on prioritizing project ideas and developing concept notes, ECOWAS once again brings together government experts, stakeholders including farmers’ organizations and the Civil society as well as regional organizations to validate a portfolio of projects aligned with the Regional Climate Strategy, the Regional Agricultural Policy and National Designated Authorities.

The aim of the workshop is to mobilize investors and partners around the portfolio of climate-resilient agricultural projects, build the capacity of national and regional stakeholders to develop relevant projects aligned with climate objectives and national priorities, and foster collaboration among the various stakeholders involved in mobilizing climate finance and the commitment of the National Designated Authorities.

Draft concept notes cover agricultural resilience, pastoralism, energy, and hydrometeorology initiatives focused on early warning systems. As a result, the climate finance project portfolio is expanding as well as efforts to align investments and planning with the Paris Climate Agreement.

Furthermore, as part of synergies and partnerships development for agricultural resilience, ActionAid, which is contributing financially to the workshop, is working with countries to bridge the digital divide and introduce more solutions such as access to agricultural finance, inputs and markets, training, technologies, insurance and weather information that can make a difference in the agri-food sector.

To recall, the ECOWAS Regional Agency for Agriculture and Food (RAAF) got support from the Green Climate Fund to implement a preparatory support program to assist Member States through institutional and technical capacity building, preparation and submission of project portfolios, knowledge sharing and learning.

Considering the limited resources, the Chief of Staff, Ms. Jeanne Akakpo Adanbiokou, who opened the workshop on behalf of the Beninese Minister for Environment and Transport in charge of sustainable development, emphasized the need for countries to work together to find ways and means to develop and implement projects that are effectively resilient to climate change. Countries must also intensify joint actions to support the Regional Climate Strategy and National Designated Contributions.

Quoting the African Development Bank, the ECOWAS Resident Representative in Benin, His Excellency Amadou Diongue, pointed out that the impact of climate change on the continent could reach $50 billion per year by 2040, with a further 30% decline in GDP by 2050. The economic losses caused by climate impacts will mainly come from agriculture and infrastructure. Despite efforts to support the implementation of national climate measures, he indicated that ECOWAS countries are experiencing various levels of difficulty in accessing climate finance. For Mr. Diongue, beyond technical and political efforts to mobilize resources, there is a strong need for militant commitment to climate justice at both regional level and among National Designated Authorities.

The ambition of the ECOWAS Commission through this workshop is to facilitate the emergence of projects that meet the requirements of the Green Climate Fund for the mobilization of adequate financial resources to strengthen the resilience of economic development sectors in general and agriculture in particular.