Hassan Istiila
Wednesday December 6, 2023
Mogadishu (HOL) - Somali government has officially become a member of the Taskforce on Access to Climate Finance, an initiative fostering collaboration between climate-vulnerable developing countries and providers of climate finance.
The announcement was made during an event in Dubai, United Arab Emirates, attended by Somalia's Minister of Environment and Climate Change, Khadija Mohamed Makhzoumi, on Tuesday.
"I'm pleased to announce that Somalia is now a pioneering member of the Taskforce on Access to Climate Finance. This is a crucial step for a nation like ours, emphasizing the urgent need for climate finance. It marks a significant milestone and a groundbreaking effort to enhance access to vital support," stated the minister.
At the event, Minister Makhzoumi addressed Somalia's challenges in accessing climate finance, emphasizing the need to transform access and pave the way for a sustainable future.
The Taskforce, established after the Climate and Development Ministerial in March 2021, responds to calls from developing countries, acknowledging that current mechanisms for accessing climate finance are slow, complex, resource-intensive, and highly projectized. The Governments of the UK and Rwanda currently hold the co-chairmanship of the Taskforce.
Over the past five seasons, Somalia has experienced consecutive failed rains, exacerbating the situation. The recent arrival of El Nino has further intensified the crisis, resulting in flooding across one-third of Somalia's landscape. The death toll in Somalia from relentless El Nino-induced floods has surged to 120, with over one million people displaced.
Despite being highly vulnerable to climatic shocks, Somalia receives only about $300 million annually for climate change programs, primarily reactive rather than preventive, out of the required $16 billion before 2030, as outlined in Somalia's National Determined Contribution (NDC).
At COP28 in Dubai, Deputy Prime Minister Salah Ahmed Jama highlighted the inadequacy of current climate finance projects in Somalia and urged multilateral development banks to focus on meaningful strategies to avert the impacts of climate change.