With the impact of climate change being felt in various parts of the world especially Africa, a larger portion of the population is bearing the brunt. Africa’s GDP has dropped by 1.4 per cent rapidly eating into the livelihood of millions of people in Africa. In order to build a resilient population, there is need for adaptation and mitigation measures which are projected at 3% of the GDP annually.
The extreme and widespread impact of climate change, which is characterized by frequent and severe droughts, floods, storms, and increase in unproductive lands, leaves small-scale farmers vulnerable. As a result, developing countries in Africa need a lot of resources for an adaptation programme, this is why the Climate Change Fund was initiated to help in reducing greenhouse gas emissions and develop low-carbon economies.
During the 2015 Paris Climate Summit, governments of over 190 nations pledged their commitment to The Paris Agreement, which lays emphasis is on additional funding for the adaptation programme. Mobilization efforts by the Africa Development Bank collected $596 million for the adaptation projects and funds for a wide range of climate-resilience and low-carbon activities in the region. There has been a gradual rise in the adaptation funding since the launch of $10.1billion for the Green Climate Fund in 2015.
To streamline adaptation programme, other climate financing instruments have been created. A good example is the Climate Investments Funds(CIF) that seeks to reduce greenhouse gas emissions. The $8.3 billion adaptation fund has been channeled through Climate Investments Funds that has benefited 72 countries in the developing world to purposely carry out low emission and climate change resilient projects.
Small-scale farmers play a key role in meeting the food demands for the rapidly increasing population as well as revamping and transforming agriculture. However, they stand a better chance of benefiting more from the multiple projects related to climate change adaptations being implemented by climate financing institutions including sustainable use of water and land management and climate-smart agriculture among others.
New Partnership for Africa’s Development’s (NEPAD) Comprehensive Africa Agriculture Development Program (CAADP) presents a detailed approach to agricultural activities as a key adoption opportunity for reducing emission. In the same context, climate finance supports climate-smart practices that offers a significant number of adoption prospects.
As a recovery scheme programme, farmers have also been introduced to insurances schemes which help them recover from losses related to climates change.