UNIDO and Camco to catalyze adaptation finance for climate-resilient agriculture in Southern Africa
UNIDO and Camco to catalyze adaptation finance for climate-resilient agriculture in Southern Africa
The United Nations Industrial Development Organization (UNIDO) and climate and impact fund manager Camco have signed a Memorandum of Understanding to ramp up investments in climate-resilient agriculture in Southern Africa.
Rural populations across Southern Africa are heavily dependent on rain-fed agriculture for subsistence farming, which puts them at the frontline of worsening climate variability across the region.
As has been emphasized at the ongoing United Nations Climate Change Conference (COP27), adaptation finance for agriculture in Southern Africa requires significant scaling up and incentivisation to build capacity and unlock private sector investment in climate-smart agriculture to promote adaptation and build climate resilience.
Under the agreement, UNIDO and Camco will promote access to climate finance, which will support developing countries in meeting their climate commitments and in achieving the Sustainable Development Goals (SDGs) through accelerating sustainable industrial and economic development.
As COP27 is focused on implementation, the collaboration between UNIDO and Camco will aim at delivering tangible climate resilience via the Resilient Investment in Southern Africa (RISA) programme, which is currently being prepared for submission to the Green Climate Fund. RISA will enhance climate resilience of some of Africa’s most vulnerable groups by investing in small to medium-size enterprises (SMEs), since SMEs in the agricultural value chain are the best source of innovative adaptation solutions for the short to medium term.
RISA will seek to address climate vulnerability and risk by building resilience through the cost-effective deployment of products and services via SMEs within the agricultural value chain. The programme will consist of two interlinked components: a technical assistance facility, managed by UNIDO, and an investment facility, managed by Camco.
Gerd M ü ller, Director General of UNIDO, said: “Climate change is the single greatest threat to a sustainable future. Addressing the climate challenge presents a golden opportunity to promote prosperity and a brighter future for all.”
Geoff Sinclair, Managing Director at Camco, said: “Today’s signing of the agreement with UNIDO represents a very exciting moment for Camco as we continue to pursue new opportunities to support sustainable development and climate adaptation.”
“The partnership draws on UNIDO’s extensive capacity and experience as the UN’s specialized agency promoting industrial development and progress by innovation, and Camco’s long track record of deploying sustainable finance in Africa and other developing markets around the world, making the partnership the ideal union for developing and implementing RISA.”
