The Green Climate Fund provides $100 million for Somalia’s first significant climate initiative.

During its 40th board meeting on Tuesday, the Green Climate Fund (GCF) authorized $100 million for Somalia’s first significant climate financing initiative, “Climate Resilient Agriculture in Somalia” (FP246).

Khadija Mohamed Al-Makhzoumi, the Somali Minister of Environment and Climate Change, attended the GCF board session with other government officials. Minister Khadija endorsed the move, characterizing it as a crucial advancement in bolstering the climatic resilience of Somalia’s agriculture industry.

She praised the rapid approval, deeming it one of the quickest projects sanctioned by the GCF. This is Somalia’s most significant climate financing project for a single nation to date.

“Today marked a historic milestone with the endorsement of our inaugural single-country project—one of the swiftest approvals granted by the GCF Board,” Minister Khadija said, commending GCF Executive Director Mafalda Duarte for expediting the endeavor. The minister emphasized the need to obtain both vertical and horizontal climate funding to convert climate promises into concrete, real-world effects.

The $100 million investment will assist climate-resilient agricultural projects, a vital sector for Somalia, which is especially exposed to the impacts of climate change. Somalia is named the second most climate-vulnerable nation worldwide while producing only 0.03% of global greenhouse gas emissions. The nation has seen catastrophic climate-related issues, including severe droughts that resulted in over 43,000 extra fatalities in 2022 and displaced more than six million people.

Earlier in March 2024, GCF Executive Director Mafalda Duarte led the first-ever GCF mission to Somalia and announced the $100 million investment partnership to accelerate climate action and USD 7 million to better capacitate the Ministry of Environment and Climate Change over the following year.

The goal of FP246, also known as Climate Resilient Agriculture in Somalia (Ugbaad), is to increase the resilience of Somalia’s rural populations and ecosystems to climate change.

The Green Climate Fund, the world’s biggest climate-focused financial organization, now oversees a portfolio of over 250 projects worth $13.9 billion, offering climate solutions in more than 129 poor countries.