Green Climate Fund approves $194m financing for Nigeria, 12 others

In an effort to raise climate-resilient and low emissions in Africa, the Green Climate Fund (GCF), one of the world’s largest climate funds, has approved more than $194 million for Nigeria and 12 other African countries as part of its Inclusive Green Financing Initiative (IGREENFIN I).

The decision was made at the recently concluded 31st meeting of the GCF Board, dubbed B.31, which was held virtually from March 28 – 31, 2022.

According to the GCF, funding will be provided in the form of a grant and loans, with the grant covering $125.9 million and the loans covering the remaining amount.

The GCF is mandated to help developing countries raise and realize their Nationally Determined Contributions (NDC) ambitions toward low-emissions, climate-resilient pathways. It is a critical component of the historic Paris Agreement.

Also, the fund makes investments in environmental protection, energy and industry, human security, livelihoods, and well-being, as well as land use, forests, and ecosystems.

Nigeria, along with the other fund recipients Burkina Faso, Chad, Côte d’Ivoire, Djibouti, Eritrea, Ethiopia, Ghana, Mali, Mauritania, Niger, Senegal, and Sudan, is known as the Great Green Wall (GGW) countries.

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The African Union (AU) launched the Great Green Wall initiative in 2007 to restore the continent’s degraded landscapes and transform millions of lives in the Sahel.

According to the GCF, the countries involved in the ambitious Great Green Wall initiative to reverse land degradation in Africa are among the poorest and most vulnerable to climate change in the world.

It states that climate shocks are causing a loss of assets, crops, and livestock; disruptions to value chains; and soaring food prices.

“Projections indicate persistent agricultural strain – as rainfall levels are set to continue declining while temperatures increase,” the fund said.

In addition, the GCF said that this programme will enhance access to credit and technical assistance for local farmers, farmers’ organisations, cooperatives, and micro and small-sized enterprises.

“This will help them implement climate-resilient and low-emission agriculture and agro-forestry,” it assured. Adding that, “a major aim of the initiative is to build greater coherence and complementarity of climate action in Africa.”