SE036 Climate finance's role in food security: How can the Green Climate Fund unlock transformation?: What support can GCF and other donors provide to agriculture sector to increased resilience of food security in developing countries.

Organizers

  • Green Climate Fund

The Green Climate Fund has been given a unique role as the largest international fund dedicated to help developing counties deal with climate change. The aim of all GCF activities is to support developing countries limit or reduce their greenhouse gas emissions, and adapt to climate change impacts. The Green Climate Fund provides financial support to developing countries to promote a paradigm shift towards low emissions and climate resilient sustainable development.

It was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, as part of the Convention's financial mechanism. It aims to deliver equal amounts of funding to mitigation and adaptation. Responding to the climate challenge requires collective action from all countries, including by both public and private sectors. The Fund pays particular attention to the needs of countries that are highly vulnerable to the effects of climate change, in particular Least Developed Countries (LDCs), Small Island Developing States (SIDS), and African States. In order to achieve maximum results, GCF seeks to catalyze funds, multiplying the effect of its initial financing by strengthening enabling environment and opening new markets. The Fund has identified 8 impact areas to deliver major mitigation and adaptation benefits, one aiming to increase climate resilience of health and well-being, and food and water security of people and communities.

The GCF is currently developing guidance documents setting out its ambition in agriculture, rural livelihoods and food security. Aligned with the GCF's investment framework, this future document will define GCF's priority interventions, and set the scope of the paradigm shift and transformations that need to be achieved to move towards climate-resilient low-emission agriculture development. This guidance will be the basis to inform the GCF pipeline and portfolio for the first replenishment from 2020. It will provide guidance to countries and GCF accredited entities about the projects the GCF is looking for in the sector. Considering that a large share of the GCF pipeline contains proposals related to agriculture and food security, it is essential to steer the pipeline towards higher quality proposals with clear paradigm shift and climate impact potential to increase resilience of food security.

Key speakers/presenters

  • Moderator: Pa Ousman Jarju, Director, Division of Country Programming, GCF
  • Presenter: Janie Rioux, Agriculture and Food Security Senior Specialist, GCF

High-level panelists:

  • René Castro Salazar, Assistant-Director General, Climate, Biodiversity, Land and Water Department, FAO
  • Margarita Astralaga, Director, Environment, Climate, Gender and Social Inclusion Division, IFAD
  • David Kaatrud, Director Programme - Humanitarian and Development Division, WFP
  • Roberto Melgarejo Palacios, Ambassador, Paraguay
  • Caroline Matipira, Minister Counsellor, Republic of Zimbabwe


Main themes/issues discussed

Given the forthcoming GCF replenishment, the event was to discuss how the GCF can unlock transformational climate investments in agriculture and food security.

Summary of key points

Presentations from the panelists:

Ms. Caroline Matipira (Zimbabwe): noted the important role of the recently approved GCF project in Zimbabwe in addressing the major risks of climate change and helping food-insecure farmers and local communities.

Mr. René Castro Salazar (FAO): Under Climate Finance 2.0, we need the private sector, including the polluters, to complement the public funding, and we need to work jointly with the GCF to attract various investors to meet the ambition.

Ms. Margarita Astralaga (IFAD): IFAD’s Adaptation for Smallholder Agriculture Programme, which supported 42 projects, fits well with the GCF investment. IFAD Board recently adopted the private sector strategy which can make synergies with the GCF.

Mr. David Kaatrud (WFP): WFP’s portfolio with GCF is growing with USD 40 million. Our projects contain risk management including micro insurance. We need digital transformation - Bringing information so that farmers can make their own decision with latest technology and industry revolution.
Participants:

We have to start investing not only into farmers but in the entire value chain. For that, we need to work with the private sector.

Need to empower women in addressing climate change

Need to scale up private sector investment

GCF portfolio should expand its regional coverage, especially Latin America and the Caribbean

Nature-based solutions (NBS): soil management has potential to provide 1/3 of solutions. But these attracted only 3% of investment so far. Climate finance 2.0 should aim to target 30% of climate finance to NBS.

Key take away messages

The event reaffirmed the significant role that GCF can play in climate finance and in agriculture and food security sector. While participants appreciated the work of the GCF done so far, they also emphasized the need for more resources and scaling up of investments to unlock public and private financing flow into agriculture and food security.
Based on inputs from various participants, GCF will continue to build its sectoral guidance to support countries and accredited entities in developing more robust and transformational investments for increasing resilience of livelihoods and enhancing food and water security.

CFS 46 Side Event: SE036 Climate finance's role in food security: How can the Green Climate Fund unlock transformation

 

The contents of this page is provided by the Side Event organizers and does not reflect the opinion of CFS