Songdo, Mar. 14 (The National Tribune) - The Food and Agriculture Organization of the United Nations (FAO) has welcomed the Green Climate Fund’s (GCF) decision to approve funding for three new projects in Bolivia, Cambodia and the Philippines, valued at USD 151.3 million.
“These projects in Cambodia, Bolivia and the Philippines demonstrate how partnerships can deliver innovative climate solutions for some of the world’s most vulnerable countries”, said Yannick Glemarec, GCF executive director. “Supporting efforts to transition to climate-resilient food and agriculture systems is a key priority for GCF.”
In Cambodia, USD42.8 million will be invested to help smallholder farmers, especially women, to prepare and cope with the increasing climate threats in the Northern Tonle Sap Basin, one of the nation’s most important agricultural regions, and especially prone to floods and droughts.
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.
The project includes USD 6.6 million of co-financing from the Ministry of Agriculture, Forestry and Fisheries, the Ministry of Environment and FAO.
Read original: https://www.nationaltribune.com.au/green-climate-fund-approves-new-projects-worth-1513-million-for-climate-action-in-bolivia-cambodia-and-the-philippines/