- September 15, 2019 2:42 AM
- May 18, 2021 4:51 AM
- May 10, 2022 5:37 PM
PNHOM PENH – Green Climate Fund (GCF) has approved $42.8 million in assistance to help smallholder farmers in Cambodia to prepare for and cope with the climate change threat, the Food and Agriculture Organisation (FAO) announced on Mar. 15.
The fund will be invested to help farmers in the Northern Tonle Sap Basin, one of the nation’s most important agricultural regions, and especially prone to floods and droughts, FAO said.
According to the FAO, the project is designed to address the climate and socio-economic vulnerabilities of about 450,000 farmers and other value chain actors by improving their knowledge of climate risks and introducing market incentives that promote climate-resilient, higher-value, diversified, and sustainable agricultural production and processing.
“The initiative will also work on strengthening regulatory and institutional frameworks related to climate-resilient agriculture and will foster partnerships for financing and investment support,” it added.
The project includes $6.6 million of co-financing from Cambodia’s Ministry of Agriculture, Forestry and Fisheries, the Ministry of Environment and FAO.
The fund allocated for Cambodia is part of $145.3 million approved by FAO with Bolivia and the Philippines getting the rest.
The GCF is a critical element of the historic Paris Agreement and is the world’s largest climate fund which is mandated to support developing countries to raise and achieve the ambition of their national climate plans known as Nationally Determined Contributions.
The current FAO-GCF portfolio exceeds $1 billion.
#SEADS2023 on 30 March will explore innovative technologies and solutions, financing mechanisms, and policies that can help Southeast Asia meet its net-zero goals. Join the discussion. Learn, share, collaborate. Register.