Somalia joins climate finance taskforce amid urgent need for funding
The Somali government has recently joined the Taskforce on Access to Climate Finance, a platform promoting cooperation between climate-threatened developing nations and supporters of climate funding.
The Somali government has recently joined the Taskforce on Access to Climate Finance, a platform promoting cooperation between climate-threatened developing nations and supporters of climate funding. The announcement took place during a gathering in Dubai, attended by Somalia's Minister of Environment and Climate Change, Khadija Mohamed Makhzoumi, on Tuesday.
Expressing satisfaction at Somalia becoming a pioneering member of the Taskforce on Access to Climate Finance, Minister Makhzoumi emphasized the country's urgent need for climate finance. She viewed this development as a significant stride and a pioneering initiative for improved support access.
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During the event, Minister Makhzoumi highlighted Somalia's difficulties in obtaining climate finance, stressing the necessity for transformation to ensure a sustainable future.
Formed after the Climate and Development Ministerial in March 2021, the Taskforce responds to the demands of developing countries, recognizing the sluggish, intricate, resource-heavy, and highly project-oriented nature of current climate finance access systems. The UK and Rwanda currently co-chair the Taskforce.
Somalia has faced consecutive failed rains over the past five seasons, aggravating the situation. The recent El Nino occurrence has worsened the crisis, causing flooding across one-third of Somalia's land. The death toll due to the relentless El Nino-induced floods in Somalia has risen to 120, displacing over a million people.
Despite Somalia's high susceptibility to climate-related shocks, the country receives a meager Usd300 million yearly for climate change programs, primarily reactive rather than preventive. This amount falls far short of the required Usd16 billion outlined in Somalia's National Determined Contribution (NDC) by 2030.
At COP28 in Dubai, Deputy Prime Minister Salah Ahmed Jama highlighted the insufficient nature of ongoing climate finance projects in Somalia. He urged multilateral development banks to concentrate on substantial strategies to mitigate the impacts of climate change.
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