“Fragile Countries Launch Network at COP29 to Secure Urgent Climate Finance”
At COP29, fragile climate-vulnerable countries have taken a significant step towards securing the climate finance they urgently need. This move comes after the Green Climate Fund’s approval of over $100 million to assist Somalia’s farmers in combating the effects of droughts, floods, and conflict. This funding will help improve access to water, restore land, and enhance livelihoods for farmers in Somalia.
The launch of the “Network of Climate-vulnerable Countries Affected by Conflict or High Levels of Humanitarian Needs” at COP29 in Baku marks a crucial moment for countries like Somalia, Yemen, Iraq, Chad, and Burundi. These nations are facing the dual challenges of conflict and climate impacts, making it imperative for them to scale up climate finance.
Yemen’s environment minister, Tawfiq al-Sharjabi, emphasized the urgent need for support for the world’s most vulnerable populations. He highlighted the existing gap in climate funding that is hindering crucial assistance to those in need. Somalia’s environment minister, Khadija Mohamed Al-Makhzoumi, stressed that climate change is a matter of survival for her country, underscoring the critical importance of swift action.
However, securing funding for fragile nations like Somalia has been a complex and lengthy process. Climate finance experts warn that the current level of investment is insufficient to meet the $35 billion annual requirement for the 24 most fragile and conflict-affected countries. The success in securing funding for Somalia is seen as a small victory in the face of a much larger challenge.
Countries in conflict or with weak governance structures have historically struggled to access climate finance, as loan providers prefer low-risk investments. The average per capita funding for heavily conflict-affected countries has been significantly lower compared to other low-income nations. Additionally, many fragile states lack the capacity to apply for funding effectively, further exacerbating the funding gap.
To address these challenges, multilateral development banks like the African Development Bank (AfDB) are rethinking their approach to working with fragile countries. They are seeking new sources of funding, including private sector investments, to bolster climate resilience in vulnerable nations. The AfDB is focusing on long-term investments and promoting opportunities for sustainable development in fragile contexts.
The Green Climate Fund (GCF) is also adapting its approach to accommodate the fast-changing dynamics in conflict-affected countries. The GCF aims to provide quicker responses to funding proposals and increase flexibility in its investments to better support fragile states. Recognizing the high stakes involved, funders are acknowledging the risks of not investing in fragile settings and the potential for significant positive impact in these regions.
As the world grapples with escalating climate impacts, the need for urgent action in conflict-affected and fragile countries is more pressing than ever. The COP29 summit serves as a platform for dialogue and collaboration among nations, organizations, and experts to address the challenges faced by vulnerable populations. The launch of the network at COP29 signifies a collective effort to mobilize resources and support for those most in need.