The Green Climate Fund (GCF) and the Inter-American Institute of Cooperation on Agriculture (IICA) have committed approximately US$100 million in funding towards a joint project aimed at reducing methane emissions from livestock farming.
Javier Manzanares, deputy executive director of the GCF, made the announcement at the installation ceremony of Manuel Otero as director general of the IICA for a second term. The GCF official added that agriculture plays a critical role in the climate change process, as the source of 25 per cent of greenhouses gases, methane being one of the main sources. However, agriculture also suffers the consequences of climate change in the form of extreme weather events.
Both organisation will embark on a feasibility study in the initial stage of the project to develop more efficient method of production while giving private and public sector entities an opportunity to pitch their projects. The fund will provide US$1.5 million in capital for this first phase.
“With this project, we are seeking to boost the efficiency of the livestock chain's production systems, which have been the subject of much criticism, while there has been little understanding of the progress they have made. We are honoured to partner with the Green Climate Fund,” Otero said, underscoring IICA's commitment to support global efforts to mitigate climate change.
Headquartered in the Republic of Korea, the GCF was established under the United Nations Framework Convention on Climate Change to manage a portfolio of US$20 billion. It also helps developing countries to implement practices to adapt to climate change and to reduce its effects.
“IICA was accredited to the GCF last July to implement projects funded by its loan portfolio. This will enable the hemispheric agency to access resources to foster climate change adaptation and resilience initiatives for agriculture and rural areas of the Americas. Two months later, both institutions signed an agreement in support of this objective,” a release from the agriculture body outlined.
According to Manzanares, “Now that its accreditation has been approved and the legal document to formalise this type of assistance has been signed, IICA will now be a vehicle to facilitate the procurement of resources from the fund, for use in agriculture, forestry and other land related ventures.”
He also believes IICA has the necessary qualities to broker the relationship between the ministers of agriculture of the Americas and the GCF. In addition, he said the institute can also serve as a partner to bridge the gap between the agriculture sectors in the Americas and other regions across the world.
In response, the IICA director general said, “IICA would utilise its best technical teams and capacity for dialogue to drive the transformation of the agrifood systems of the region, which must be sustainable.”