Finance to adapt: Making climate funding work for agriculture at the local level
This briefing note (PDF) by ECDPM takes a closer look at finance for climate adaptation in the agriculture sector and presents recommendations on how to direct climate funding more effectively towards local actors. Billions of dollars in climate finance are flowing, yet the needs of the communities most vulnerable to climate change are often not addressed. Agreed balances between mitigation and adaptation spending are not being met, and the food and agriculture sector is not receiving the funding needed to increase their resilience. The Green Climate Fund plays a crucial role in the climate finance landscape. To continue to do so, GCF should prioritise the balancing of adaptation and mitigation funds, increase funding for the agricultural sector and focus on local actors. The European Union is a global leader as well, and therefore should align climate finance contributions with the needs identified in developing country Nationally Determined Contributions (NDCs) and National Adaptation Plans (NAPs), and assess the potential of being a contributor to GCF. African governments should bridge the adaptation financing gap and increase resilience in vulnerable communities, for example by integrating climate adaptation planning into all development and budgeting decisions and track finance flows to ensure that communities are receiving the finance they need. Local actors should work with international organisations to improve their fiduciary standards in order to become accredited entities to climate funds, and gather and share knowledge with community members about adaptation needs. As climate change increasingly threatens communities around the world, climate finance must step up to the challenge of effectively helping communities adapt, with a focus on systemic changes in food production, distribution and marketing systems, that offer the potential to maintain and enhance food security and reduce the risk of climate-related crisis. Through greater prioritisation of the agriculture and water sectors, as well as more inclusive access to funding and project design, climate finance can better serve the needs of vulnerable groups.