NAIROBI, (The Southern African Times) – The Horn of African region should explore innovative financing models to hasten the implementation of projects that strengthen climate resilience of communities and natural habitats, experts said this week.
Speaking at a virtual forum in Nairobi convened by Intergovernmental Authority on Development (IGAD), experts said fiscal incentives were key to stimulating investments in climate resilience in the Horn of African region.
Angela Churie Kallhauge, a senior climate change specialist at the World Bank said that the financing gap had derailed the quest for carbon neutrality in the region hence the need to explore alternative sources including the private sector.
She proposed the establishment of a well-structured carbon market in the region that has potential to spur investments in renewable energy, climate-smart agriculture, sustainable forestry and tourism. She said that a mandatory carbon tax, phasing out of fossil fuel subsidies and investments in cleaner technologies will boost green growth in the Horn of African region while unlocking jobs for the youth.
The UN Office for the Coordination of Humanitarian Affairs has identified the Horn of African region as among leading global climate change epicenters, citing frequency and intensity of droughts. In addition, the region has suffered an invasion of desert locusts, resource-based conflicts and displacement of civilians, thereby worsening an already dire humanitarian situation.
Peter Odhengo, a senior climate specialist at Kenya’s Treasury said that robust financing toward community-led adaptation and mitigation programs is key to minimizing the risk of extreme weather events to livelihoods.
Kenya has rallied behind regional efforts to promote climate financing targeting priority sectors like energy, forestry, agriculture, transport and tourism.
He said that Horn of African countries should promote domestic resource mobilization to spur climate-resilient growth given the erratic nature of external funding.
