Press Release – November 15, 2024

As funding the climate challenge takes center stage at COP29 in Azerbaijan, the Global Environment Facility (GEF) has announced the latest winners of its Challenge Program for Adaptation Innovation, with $20 million in grants awarded to projects that will reimagine climate adaptation finance.

From initiatives to enhance the adaptive capacity of women entrepreneurs in the agricultural sector through financial inclusion, to scaling up traditional fire management techniques for resilient ecosystems services through carbon credit generation, crowdfunding climate-smart loans, developing a virtual green bank for adaptation, and kickstarting international markets for resilience-building bonds, the 13 award-winning projects all aim to test and scale up vital financial innovations.

The GEF-backed Challenge Program for Adaptation Innovation aims to pilot and de-risk new approaches to adaptation funding, leveraging donor funding to create the conditions for comprehensive private sector engagement in overcoming the shared challenges of climate change.

“Adapting to climate change is one of the defining challenges of our time, but it also offers an undeniable opportunity. By seeding these new approaches to climate adaptation funding, we are enabling the development of innovative technologies, while reducing risk and providing the conditions needed to open financial flows and enable new investors and sectors to take action,” Carlos Manuel Rodríguez, GEF CEO and Chairperson said.

Selected from well over 100 proponents from around the globe, the latest tranche of winners will bring GEF investments in the Challenge Program to over $40 million across 32 projects in implementation or development, with an additional $40 million to be invested in the period to 2026.

The teams behind each of the winning proposals announced at COP29 will be invited to further develop and implement their concept in collaboration with one of GEF’s 18 agency partners.

Financing for the Challenge Program comes from the GEF’s two dedicated climate adaptation funds – the Least Developed Countries Fund (LDCF) and the Special Climate Change Fund (SCCF). The LDCF is the only multilateral climate fund designed to address the unique climate adaptation needs of Least Developed Countries; while the SCCF is focused on targeting the adaptation priorities of Small Island Developing States as well as catalyzing innovation, technology transfer, and private sector engagement. Together the two funds have provided approximately $2.5 billion in grant financing and mobilized an additional $14.3 billion from other sources, which is expected to reduce the vulnerability of 84 million people in 118 countries since their inception in 2001.

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The Global Environment Facility (GEF) is a multilateral family of funds dedicated to confronting biodiversity loss, climate change, and pollution, and supporting land and ocean health. Its financing enables developing countries to address complex challenges and work towards international environmental goals. The partnership includes 186 member governments as well as civil society, Indigenous Peoples, women, and youth, with a focus on integration and inclusivity. Over the past three decades, the GEF has provided more than $25 billion in financing and mobilized $145 billion for country-driven priority projects. The family of funds includes the Global Environment Facility Trust Fund, Global Biodiversity Framework Fund (GBFF), Least Developed Countries Fund (LDCF), Special Climate Change Fund (SCCF), Nagoya Protocol Implementation Fund (NPIF), and Capacity-building Initiative for Transparency Trust Fund (CBIT).

About the Least Developed Countries Fund
The GEF-managed Least Developed Countries Fund (LDCF) is the only multilateral fund that focuses exclusively on the unique climate adaptation needs of Least Developed Countries. LDCF provides support in several priority areas for adaptation including agriculture, water, food, health, nature-based solutions, infrastructure, and climate information services. It builds institutional capacity for adaptation planning, scaling up finance, engaging the private sector, and adopting a whole-of-society approach for inclusive adaptation. The LDCF has financed 360 projects and programs with approximately $2.2 billion in grants, directly benefiting more than 74 million people and strengthening the management of more than 14 million hectares of land for climate resilience.

About the Special Climate Change Fund
The GEF-managed Special Climate Change Fund (SCCF) helps developing countries address the negative impacts of climate change through innovation, technology transfer, and private sector engagement. It also offers targeted support to Small Island Developing States, given their specific climate adaptation needs. The SCCF has provided $388 million in grants for 96 projects related to climate-resilient agriculture value chains, improved water management, integrated coastal management, climate risk insurance, nature-based solutions, and more, benefitting approximately 9.5 million people and helping to bring more than 5.3 million hectares of land under more sustainable management.

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Quotes and details about winning project concepts: 

Africa Enterprise Challenge Fund

Women Adapt – Catalyzing Women-led Climate-Smart Investments through Climate Adaptation Technologies and Climate Resilience Services in Burkina Faso, Benin, and Nigeria 
Media contact: David Iraya, [email protected] 
www.aecfafrica.org

“We will leverage AECF’s expertise in the private sector, agricultural innovation, and entrepreneurship to facilitate the development and execution of the Women Adapt project. Our extensive network, track record in supporting MSMEs and smallholder farmers in 26 countries across Sub-Saharan Africa, and the organization’s gender policy framework in Africa make AECF well-positioned to drive impactful interventions that benefit vulnerable countries. We’re proud to partner with GEF and UNIDO through the Women Adapt project to finance climate-smart investments for women-led businesses and smallholder farmers in Burkina Faso, Benin, and Nigeria to enhance food security and incomes for rural women.”
Victoria Sabula, CEO, Africa Enterprise Challenge Fund

At a global level, the agricultural sector faces profound challenges exacerbated by climate change, with smallholder farmers bearing the brunt of these impacts. At the regional level, West Africa’s vulnerability is compounded by its heavy reliance on rain-fed agriculture, making it particularly susceptible to climate-related risks. Erratic weather patterns, soil degradation, and water scarcity threaten agricultural productivity, food security, and socio-economic development amidst political instability. These systemic barriers underscore the urgent need for innovative solutions to empower smallholder farmers, enhance their adaptive capacity, and foster sustainable agricultural development in West Africa.

The Women Adapt project aims to empower women-led agriculture MSMEs, and smallholders affected by climate change in Benin, Nigeria, and Burkina Faso. By catalyzing climate-smart investments through innovative adaptation technologies and resilience services, the project seeks to enhance women entrepreneurs’ adaptive capacity and resilience in the agricultural sector.

The project’s main objective is to empower women smallholder farmers to adapt to climate change and build resilience through enhanced access to climate-resilient technologies and increased access to fintech digital services, financial services, and insurance. Thus, the project will contribute to the broader goals of climate Adaptation, financial inclusion, and sustainable development.
 

Climate Fund Managers

GAIA Climate Loan Fund 
Media contact: Sophie Blythe, [email protected]
www.climatefundmanagers.com

“The GAIA platform plays a vital role in unlocking the private sector capital needed to support climate adaptation and mitigation in the world’s most vulnerable regions. The GEF Challenge Program grant to our Technical Assistance Facility will enable us to advance a robust pipeline of high-impact, investable projects in SIDS and LDCs, providing local communities with sustainable climate solutions, delivered quickly and at scale.”
Andrew Johnstone, CEO, Climate Fund Managers (CFM)

The GAIA Climate Loan Fund (GAIA) is a USD 1.48 billion target blended finance platform designed to catalyse private sector investment into high-impact, climate-resilient projects in emerging markets. A private debt facility, GAIA will provide long-term loans to climate adaptation and mitigation projects in up to 25 emerging markets, with a minimum of 25% capital allocated to Small Island Development States (SIDS) and Least Developed Countries (LDCs).

GAIA’s blended finance structure leverages public funds to de-risk projects, creating an opportunity for private investors to participate with a risk-return profile aligned to their needs.

GAIA is managed by Climate Fund Managers (CFM), a climate-focused blended finance investment manager, supported by global advisory firm Pollination Group as Strategic Impact Advisor. It is backed by multiple public and private sector organisations, including sponsors and co-founders Mitsubishi UFJ Financial Group (MUFG) and Development Finance Institute Canada (FinDev Canada) as well as the Green Climate Fund (GCF) as an anchor investor.

With GEF’s support through its Challenge Program for Adaptation Innovation, GAIA’s Technical Assistance (TA) Facility will support bankable and eligible projects in target SIDS and LDCs. The TA facility will provide advisory services, and capacity building support to enhance environmental and social standards, of projects, strengthen impact rationale and delivery, ensure projects meet the fund’s investment criteria to deliver meaningful climate impacts.
 

Corporación Instiglio

Pull Finance Initiative for Climate Adaptation in the Caribbean
Media contacts: 
Julia Loraque, [email protected]; Ben Stephens, [email protected] 
www.instiglio.org

“The Pull Finance Initiative for Climate Adaptation represents a breakthrough moment for Caribbean resilience at a time when urgent action is critical. Our partnership with GEF will bring together donors and private sector partners to incentivize innovation in adaptation technologies specifically designed for Small Island Developing States. By leveraging the same financing approach that accelerated COVID-19 vaccine development, we aim to shape a new market that can match the speed and scale of today’s challenges. Just as pull finance proved effective for vaccines, we believe it can transform the climate adaptation landscape.”
Avnish Gungadurdoss, Co-founder and Managing Partner, Corporación Instiglio

The Caribbean is one of the most vulnerable regions to climate change, making private sector engagement essential to the development and market adoption of adaptation technologies suited to the region – ranging from agriculture to energy access. However, private investment and innovation in SIDS are hindered by insufficient incentives and market failures. These small markets face limited demand, and high prices due to the lack of scale in tailored production.

With proven success in pharmaceuticals, pull financing is a promising yet underutilized solution for tackling adaptation challenges. This approach ties payments to outcomes, incentivizing innovation and the deployment of technologies stifled by market dynamics, ultimately shaping markets for sustainable adoption.

For example, a SIDS energy network is vulnerable to extreme weather conditions, especially in remote and dispersed areas. Pull finance can incentivize producers to quickly design and take to market new energy storage solutions that are suitable and enduring to the specific context.

Instiglio, a non-profit with over 12 years of experience in results-based approaches is launching the Pull Finance Initiative for Climate Adaptation in the Caribbean. By collaborating with donors and the private sector, this innovative initiative will contribute to the evidence base on climate adaptation technologies in SIDS and pave the way for more effective climate finance.
 

Climate Bonds Initiative

Adaptation and Resilience Bonds Accelerator 
Media contact: Mariana Caminha, [email protected]
www.climatebonds.net

“We are thrilled to receive support from the Global Environment Facility for the Adaptation and Resilience Bonds Accelerator project. This grant represents an extraordinary opportunity to mobilise capital markets for climate resilience and close the adaptation financing gap. By collaborating with and convening ecosystem actors in pilot countries, we will streamline and accelerate investments in adaptation and resilience. With the GEF’s partnership, we are committed to driving impactful change that will advance systemic resilience and create a sustainable future for vulnerable communities worldwide.”
Ujala Qadir, Director, Strategic Programmes, Climate Bonds Initiative

The Climate Bonds Initiative (Climate Bonds), a global NGO, is dedicated to mobilising capital for climate solutions. Current financing efforts fall short of addressing the annual adaptation finance gap, estimated at USD 194–366 billion (UNEP, 2023), highlighting the necessity of private sector investment alongside public funding. Despite growing interest in thematic bonds, adaptation and resilience bonds remain scarce, hindered by limited awareness, small project scales, and a lack of bankable project pipelines.

Climate Bonds is receiving funding [from GEF] for a project to design an adaptation and resilience bonds accelerator to address these challenges by: 

• Standardising definitions and taxonomies for adaptation & resilience investments, and;
• Uniting ecosystem players – from policymakers to investors and de-risking mechanisms – to create efficiencies with scalable, investment-ready adaptation and resilience pipelines.

The work of the project will include launching adaptation bonds readiness ‘hubs’ in two pilot countries, which will support the creation of bankable adaptation and resilience pipelines suited for bond issuance. These hubs will work with issuers to identify projects that align with taxonomies, promote project aggregation, enhance access to blended finance, and connect stakeholders to simplify investment processes. 

A further part of the project will be to design a resource centre for resilience bonds to document and share lessons learned to support broader global replication, attracting private capital into critical climate resilience projects.

This forms part of a wider multi-year resilience programme at Climate Bonds.
 

Farm Africa

Valuing resilience – building capacity for smallholder farmers and agribusinesses in East Africa to monetize climate resilience outcomes 
Media contact: Libby Plumb, [email protected] 
www.farmafrica.org 

“Climate change is a significant threat to the lives and livelihoods of smallholder farmers in eastern Africa. However, they are receiving very little support to adapt to a climate crisis they did not create. Just 0.8% of climate finance reaches small-scale farmers. With support from the GEF, we’ll unlock and scale smallholder farming communities’ access to climate finance so they can invest in sustainable, regenerative agricultural practices that protect not just their livelihoods but the also the landscapes they live in. It’s a win-win for rural livelihoods and the health of the planet.”
Dan Collison, Chief Executive, Farm Africa

Across eastern Africa, increased temperatures, reduced rainfall and more frequent extreme weather events are reducing smallholder farmers’ yields, incomes and food security. Malnutrition is rising. Climate extremes are also fueling conflict and displacement. Smallholder farmers need to adapt to the climate crisis, but lack access to the finance needed to adopt climate-smart approaches to agriculture.

Farm Africa and the UBS Optimus Foundation will work together to ensure climate adaptation financing gets where it is most needed: directly into the hands of smallholder farmers and small and medium-sized agribusinesses, especially those run by women and young people.

We’ll support rural communities to adopt nature-based, regenerative approaches to sustainable agriculture, build their links to markets and develop business skills, so they can develop more resilient and viable farming enterprises for financial service providers to engage with.

Micro-loans will offer credit to buy inputs such as drought-tolerant seeds, and support women to build businesses aggregating and selling farmers’ produce. Insurance will protect rural communities from the risk of losing everything when drought or floods strike.

The initiative will create market incentives for rural communities not just to develop diversified, resilient rural livelihoods, but also restore healthy, functioning ecosystems.
 

FS Impact Finance

Resilient Infrastructure Fund 
Media contact: Valerie Muschik, [email protected]
www.fs-finance.com

“At FS Impact Finance, we consider climate adaptation one of today’s most pressing challenges, especially in emerging markets. Mobilizing private capital to create resilient infrastructure presents a significant opportunity to make a positive impact. GEF’s validation during the fund’s formation underscores our organisations’ shared commitment to drive private investment in adaptation finance across emerging markets, and we are proud to be working on this with GEF as a partner.”
Martin Cremer, Managing Director, FS Impact Finance

FS Impact Finance intends to set up the Resilient Infrastructure Fund to provide long-term debt financing for infrastructure assets in emerging markets, initially focusing on adapting existing (brownfield) projects to climate change. Using a blended finance approach, the Fund is designed to de-risk investor capital, offering better financing terms to recipients while building a track record for adaptation finance.

Intact and reliable infrastructure forms the backbone of civilization. Climate change poses an existential threat to the functionality of infrastructure, encompassing both chronic and acute physical risks. These risks particularly affect emerging markets, which often lack capital to upgrade existing infrastructure, leaving them vulnerable to climate-related damages with severe impacts on users.

By financing existing infrastructure, the Fund will seek to reduce countries’ burden to build new infrastructure while maintaining user access. This strategy addresses the urgent need for climate-resilient infrastructure while at the same time creating attractive investment opportunities. The Fund will protect critical assets, safeguard livelihoods, and support sustainable development. By focusing on adaptation and resilience, the fund will offer a dual benefit: enhancing climate preparedness and fostering economic stability in emerging markets.
 

GAWA Capital

Fostering Adoption of Climate Adaptation in Vulnerable Communities in Emerging Markets Leveraging Microfinance Institutions 
Media contact: Marta Juste, [email protected] 
www.gawacapital.com

“Kuali Fund is thrilled to partner with the Global Environment Facility (GEF) on this transformative program. Together, we’re tackling one of the biggest barriers facing small farmers and businesses in adopting climate solutions: the high cost of capital. By reducing financing costs, we’re enabling these communities to access impactful climate solutions that build resilience. This program also showcases how resilient clients—those embracing climate innovations—prove to be lower-risk borrowers, paving the way for financial institutions to offer better rates. Financing resilience isn’t just vital for these communities; it’s good business for financial institutions committed to a sustainable future.”
Luca Torre, Founder and Co-CEO, GAWA Capital

In a world facing escalating climate challenges, vulnerable communities—particularly small farmers and micro-entrepreneurs—need accessible climate solutions to build resilience. Solutions like efficient water management and solar cooling are available but often remain out of reach due to high financing costs and the risks associated with transitioning to new technologies. Through our partnership with the Global Environment Facility (GEF), Kuali Fund is working alongside financial institutions to reduce the cost of capital for end users, making these solutions affordable to those who need them most. By providing a temporary subsidy on interest rates, GEF funding empowers financial institutions to reach deeper into vulnerable communities, demonstrating that resilient clients adopting climate solutions are both lower risk and deserving of better terms.

Kuali’s broader mission, supported by COFIDES, the EU, AECID, and the GCF, is to mobilize significant private capital for climate adaptation. Yet, GEF’s targeted funding accelerates adoption, creating a powerful demonstration effect for affordable, resilient-focused financing. Together, we aim to prove that financing resilience can not only support communities but also enhance long-term growth for financial institutions.
 

International Organization for Standardization (ISO)

Leveraging standards to deliver on climate adaptation commitments in developing countries 
Media contact: Vanessa Von der Muhll, [email protected] 
www.iso.org

“We are thrilled to embark on this partnership with the GEF, supporting adaptation efforts in developing countries by harnessing the power of international standards. This collaboration represents a crucial step toward enhancing the capacity of both the public and private sectors to accurately measure climate risk and access vital finance for climate adaptation. Together, we will drive meaningful progress, ensuring that the most vulnerable communities are better prepared and resilient in the face of climate challenges. The opportunity to demonstrate the tangible way that international standards contribute to sustainable solutions and promote climate resilience across the globe excites us immensely.”
Sergio Mujica, Secretary-General, International Organization for Standardization

The International Organization for Standardization (ISO) is launching a pilot project to enhance integration of climate-relevant standards into national policy and business practices in developing countries.

The project will provide tools to help governments assess organizational vulnerability and improve climate planning, while equipping SMEs with the necessary resources and support to implement adaptation strategies. By leveraging international best practices and the credibility of ISO standards, this initiative will foster stronger policy integration and private sector engagement, contributing to climate adaptation efforts at all levels.

In this pilot phase, the initiative will deliver technical assistance, awareness raising activities and a comprehensive Training of Trainers program to National Standardization Bodies (NSBs), policymakers, regulators, and the private sector in countries in the Latin America and Caribbean region.
 

International Savanna Fire Management Initiative (ISFMI)

Promoting Indigenous Fire Management to Fight Wildfire 
Media contact: Fanny Tricone, [email protected]
www.isfmi.org

“Aboriginal groups performed cool and controlled burns that limited the incidence and severity of wildfires across the Australian continent. Our approach combines indigenous knowledge with modern science and satellite data, to burn early, keep fuel loads down and reduce destructive wildfires. This approach has been proven to reduce destructive wildfires and greenhouse gas emissions by half, providing jobs for poor and remote communities, while at the same time reinvigorating traditional culture and knowledge.

Our knowledge and work with the International Savanna Fire Management Initiative can be used in the rest of the world and deliver the benefits seen in Australia to the rest of the world.

Reigniting Indigenous fire management practices is an opportunity to share our knowledge with the world to secure our future and address one of the major threats of climate change.”
Cissy Gore-Birch, Director, ISFMI

The project addresses the global climate impact of high-intensity, late dry season wildfires in Southern Africa. These wildfires, responsible for over 70% of global fire emissions, threaten food security, health, biodiversity, and infrastructure. With climate change exacerbating fire events, the project seeks to implement Emissions Reductions through Traditional Fire Management (ER TFM), a community-led strategy proven to reduce fire-related emissions in Australia and Botswana.

Building on successful pilots, this project aims to introduce ER TFM to Mozambique, Angola, and Zambia. These nations, facing similar fire challenges, will benefit from an innovative model combining technology transfer, carbon credit generation, and community involvement. The project will also facilitate South-South knowledge exchange, fostering resilience in other fire-prone regions.

ISFMI, with diverse partners, will lead the initiative, targeting both local and private sector investment to sustain long-term funding. The project will support pilot activities, institutional frameworks, and carbon credit validation. Expected benefits include reduced emissions, enhanced biodiversity, improved community resilience, and strengthened economic opportunities, especially for women and youth in remote areas.
 

Kiva

Expanding Financial Inclusion and Resilience: Leveraging Risk-Tolerant Crowdfunded Capital for Innovative Climate Adaptation 
Media contact: Alisa Cordesius, [email protected] 
www.kiva.org

“Kiva is proud to partner with the Global Environment Facility and the World Wildlife Fund to break down financial barriers for climate-vulnerable communities worldwide. This partnership represents a significant step towards our goal of equipping 1.1 million climate-affected individuals with the financial tools they need to build resilient, sustainable futures by 2028. By leveraging Kiva’s risk-tolerant, crowdfunded capital alongside the expertise of our partners, we are enabling local financial institutions to offer innovative climate-smart loans, insurance, and savings products. Together, we are not just scaling financial solutions; we are empowering communities to safeguard their livelihoods and adapt to the growing impacts of climate change.”
Vishal Ghotge, CEO, Kiva

With climate change most impacting unbanked and underserved populations, it’s more important than ever to help people access the financial resources they need to build resilience and adapt. Local financial institutions are uniquely positioned to act as a backstop against this threat by helping communities build and increase resilience, yet they often lack the resources needed to adapt to the new risks themselves or to support their clients in adapting to climate impacts.

In partnership with the World Wildlife Fund and Global Environment Facility, Kiva will support local financial institutions with risk-tolerant, crowdfunded capital, and capacity building, enabling them to update their portfolio products to include climate-smart loans, insurance, and savings products. Through this partnership, Kiva, WWF and GEF will scale financial innovations, helping vulnerable communities protect their livelihoods and adapt to climate risks.

Kiva, a global nonprofit founded in 2005, has facilitated over USD 2 billion in loans over 60 countries, supporting underserved populations, and committed to supporting 1.1 million climate-affected people by 2028. Kiva supports climate-vulnerable communities to build sustainable livelihoods through climate-smart finance with flexible crowdfunded capital at low or zero interest, allowing them to serve new or vulnerable groups, enter new markets, and develop innovative products.
 

The Lightsmith Group

Systemic Capital for Adaptation Localization and Expansion (SCALE) 
Media contact: Jay Koh, [email protected] 
lightsmithgp.com

“The systemic challenge of climate change demands scalable solutions. Systemic Capital for Adaptation Localization and Expansion (SCALE) will design the first private investment platform for climate resilience and adaptation technologies and solutions in developing countries – a ‘Virtual Green Bank’ for Adaptation. SCALE will develop a platform that provides the full range of credit to equity to technical assistance to rapidly scale up adaptation investment in developing countries. Lightsmith is honored to partner with GEF to build a bold new platform strategy to address the unavoidable opportunity of adaptation investment in developing countries.” 
Jay Koh, Co-Founder and Managing Director, Lightsmith Group

The Systemic Capital for Adaptation Localization and Expansion (SCALE) project will explore the development of the first investment platform approach to climate adaptation investment focused on scaling climate adaptation solutions in developing countries – a “Virtual Green Bank” for Adaptation. SCALE will design common origination, asset management, impact measurement, and policy engagement policies and systems to identify companies with adaptation solutions in developing countries and develop a full range of equity, credit, and technical assistance instruments based on capital needs to scale up growth stage adaptation companies. Instead of isolated equity or credit funds, SCALE will seek to create a one-stop platform that can use all products to scale up adaptation technologies and solutions companies – acting like a “Virtual Green Bank” for Adaptation.

SCALE builds on lessons learned from the first private investment fund for adaptation (CRAFT). SCALE addresses critical problems of (i) scaling up mobilization of private investment in adaptation, (ii) overcoming limitations of fragmented adaptation investment instruments, and (iii) creating a replicable model for climate adaptation investment based on lessons learned from green banks that were launched for climate mitigation. SCALE also extends the sectors of adaptation focus to include healthcare and support for nature and biodiversity.
 

Outrigger Impact

Outrigger Impact – A Blended Finance Impact Fund for Small Island Developing States 
Media contact: Abigail Mottur, [email protected] 
www.outriggerimpact.com

“Outrigger is excited to be a part of the GEF Challenge program which will allow us to accelerate blue economy investments across Small Island Developing States. With GEF’s support Outrigger will be a source of transformative blended capital at scale and will also enable further private and public sector engagement to support the building of climate adaptation solutions and investments into these critical coastal communities.” 
Simon Dent, Managing Director, Outrigger Impact

Small Island Developing States (SIDS) face severe risks from climate change despite contributing less than 1% of global emissions. Rising sea levels, ocean acidification, and extreme weather disproportionately impact SIDS. These factors combine to create a negative feedback loop, complicating the prioritization of necessary investments in adaptation measures.

Outrigger believes that a key solution to this dilemma is a blue economy-focused impact fund dedicated to SIDS. This fund will unlock critical new sources of public and private funds and bring longer-term investment to innovative blended finance projects in SIDS. These projects will improve the sustainability and resiliency of SIDS’ economies; strengthening the resilience of coastal communities to climate change; and conserving and enhance the biodiversity and ecosystems within SIDS’ coastal regions and exclusive economic zones (EEZs).

GEF’s support to the Outrigger Technical Assistance Facility is critical for achieving our mandate and its catalytic capital will be deployed to support early-stage blue economy projects, strengthen capacity and policy in the blue economy and invest into nature-based solutions in SIDS.

World Council of Credit Unions

Mainstreaming Climate Risk Management and Adaptation Finance for the Most Vulnerable in West Africa
Media contact: Greg Neumann, [email protected] 
www.woccu.org

“As communities in every corner of the world become vulnerable to climate shocks, we are starting to see banks, insurance companies and other financial service providers reduce exposure to riskier markets. But credit unions are stepping up to help their members build resilience and adapt. At WOCCU, we recognize the essential role credit unions play. This partnership with YAPU Solutions in West Africa presents an exciting opportunity to design and test a model that could be replicated in more places across our global membership of over 400 million people in more than 100 countries.”
Elissa McCarter LaBorde, President and CEO, World Council of Credit Unions

Climate change has caused USD 1.5 trillion in global losses over the last decade, hitting vulnerable populations in the least developed countries hardest. Communities in the West Africa Monetary Union (WAMU) face droughts, floods and health crises impacting food security and income. With credit unions in WAMU reaching over 18 million members, often in rural and climate-vulnerable communities, these community-based financial institutions are well-positioned to deliver solutions that build climate resilience. 

World Council of Credit Unions (WOCCU) will introduce a comprehensive, scalable methodology for managing climate risk and offering climate adaptation finance. It will assist three to five credit union associations in WAMU by establishing a competitive capacity-building and incentive fund. This initiative will provide access to user-friendly digital tools from YAPU Solutions to assess climate risks and monitor investments, backed by technical support, performance-based grants and data-driven strategies. It will further identify at least 100 adaptation solutions that can be financed through select credit union associations.

Media Contact

Alexandre Pinheiro Rego
Senior Communications Officer
[email protected]

Source : thegef