Green Climate Fund accredits IFAD as a partner agency
Rome, 18 October 2016 – Climate change is one of the most persistent threats facing smallholder farmers. Rising global temperatures and the subsequent changes in weather patterns endanger agricultural production and rural infrastructure that provide livelihoods for over 2 billion people. Investing in methods that help smallholder farmers adapt to climate change is crucial, which is why IFAD is pleased to have been recognized as an Accredited Entity at a recent meeting of the Green Climate Fund (GCF) Board. The accreditation means that IFAD can now access GCF funds which are made available to finance programs aimed at helping developing countries meet the targets laid out in the Paris Agreement adopted at COP21 in December 2015.
“Our accreditation establishes IFAD as a major global player with a sole focus on rural development,” said Margarita Astralaga, Director of IFAD's Environment and Climate Division. “We welcome the opportunities to work with the GCF country focal points and the private sector partners who are looking for investment opportunities outside urban and industrial environments.”
The GCF was established by 194 signatory countries during the UN Framework Convention on Climate Change in 2010 with the goal of raising US$100 billion annually in climate finance by 2020. The Fund is independently managed to enable a paradigm shift towards low-emission and climate-resilient development pathways in developing countries and help achieve the goal of keeping a global temperature rise under 2 degrees Celsius.
Strengthening the environmental sustainability and climate resilience of poor rural people’s economic activities is one of IFAD’s three strategic objectives for its 2016-2025 Strategic Framework. IFAD’s programs promote biodiversity, resource stewardship, waste management, and the reduction of greenhouse gas emissions while contributing to poverty reduction. Over the framework period, IFAD aims to reach 100 percent climate mainstreaming, making it arguably one of the most advanced international finance institutions on climate integration.
GCF accreditation will allow IFAD to expand its portfolio of resilience-building projects, including the Adaptation for Smallholder Agriculture Programme (ASAP), which is already the largest global financing source dedicated to supporting the adaptation of poor smallholder farmers to climate change. ASAP channels climate finance to smallholder farmers so they can access information tools and technologies to foster their resilience to climate change. These include climate risk analyses and notifications, resource diversification, and risk-management strategies.
On 14 October, the GCF approved $745 million to fund 10 projects and programmes (with a total value of $2.6 billion) that will help 27 countries across the world reduce harmful emissions and adapt to climate change. To date, more than 40 countries have committed approximately $10 billion for the first funding cycle of the GCF.