GCF Agrees to Fund IFAD Solar Projects for Smallholder Farmers

Enterprise Television – GCF Agrees to Fund IFAD Solar Projects for Smallholder Farmers

Green Climate Fund (GCF), the largest dedicated climate fund, has signed a key agreement with the International Fund for Agricultural Development (IFAD) to fund solar projects that will help smallholder farmers mitigate the impact of climate change.

The Accreditation Master Agreement (AMA) signed on the margins of the 73rd session of the United Nations General Assembly on Monday, creates the potential for GCF to finance IFAD climate projects that empower rural people in developing countries.

AMAs act as legal frameworks detailing the overarching rights and obligations of GCF Accredited Entities, such as IFAD.

GCF Deputy Executive Director Javier Manzanares said the AMA signing will help GCF enhance its support for those on the frontline of climate change by improving their adaptive capacities, while at the same time supporting global mitigation measures.

“Extreme weather events such storms and floods – in addition to the more slow-moving climate disruptions of rising sea levels, melting glaciers and droughts – are putting inordinate pressures on farmers,” said Mr Manzanares. “It is essential we find ways to increase their resilience to climate change, especially considering that three quarters of the poorest people live in the rural areas of developing countries.”

Improved farming practices that sequester carbon in the soil also have a great mitigation potential, as agriculture is one of highest greenhouse gas emitting sectors, added Mr Manzanares.

IFAD President Gilbert F. Houngbo highlighted how GCF resources can expand on IFAD’s work to channel climate and environmental finance to smallholder farmers.

“As a leader in the field of adaptation for smallholder farmers, IFAD can further strengthen its climate resilience work with GCF resources to benefit farming communities and rural ecosystems more directly,” said Mr Houngbo. “With this new deal in place we are in a good position to advance the objectives of the GCF by focusing its activities on the most vulnerable groups whose livelihoods depend on climate-sensitive natural resources.”

Since 1978, IFAD, a United Nations agency has provided about USD 20.2 billion in grants and low-interest loans to projects that have reached some 476 million people.

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