The Climate change will lead to an increase in the severity and frequency droughts, flooding and storms. This will cause more water stress. Marginalized Communities travel long distances to find fresh water that’s safe to drink. Credit: Joyce Chimbi/IPS
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Five A lack of rainy seasons has led to a severe drought, the worst for 40 years. At least 4,5 millions people need food assistance. Then After months of heavy rainfall, flash floods and riverine flooding affected more than 306,520 families (61,304 households) between March 1 June 18 2024 with 315 estimated deaths, 188 wounded, and 38 missing. In addition, more than 293 200 people (about 56,641 families), were displaced. Reliefweb You can also find out more about the following: Kenya’s National Disaster Operations Centre (NDOC).

These Climate crises pose significant financial challenges. East African The nation’s climate change goals

When The government pledged that it would adhere to the Paris Agreement In 2016, the United States agreed to reduce greenhouse gas emissions between 2020 and 2030 by 32 percent. It was estimated that new investments of USD 40 billion would be needed to achieve this goal.

Since The financial needs have also increased as a result of the climate crisis, and require dedicated financial support.

NowAccording to Kenya’s Updated Nationally Determined ContributionsThe country needs USD 65 Billion to implement Kenya’s Mitigation and adaptation requirements for 2020 to 2030. NDCs are the core of the Agenda 2030. Paris Agreement As the country commits to reduce its greenhouse gases emissions.

“One of the three financial challenges Kenya is facing is competing priorities, as we are spending more on climate mitigation—reducing greenhouse gas emissions—and very little on climate adaptation—adjusting to the current and future effects of climate change,” The following is a list of words that begin with the word “you” Samuel Gikama, a climate researcher and marine scientist.

“This is a developing country with many pressing problems. We must put available resources in areas with the highest impact and that, for us, is adaptation, as it has been shown to have immediate positive results for local communities.”

Gikama The following is a list of words that begin with the word “you” Kenya’s Climate funding management is opaque.

“(Kenya’s) Climate Change Fund The earliest evidence of the existence of this website dates back to 2005. Fund It does not appear that the system is operational,” Gikama says. He Explains that tracking Kenya’s Access to climate finance can be difficult.

“Whatever the country raises in climate financing from public and private sources and specifically how the funds are spent, is difficult to track. Climate budgeting remains fragmented. But the government raises about USD 1.5 billion per year.”

The Fund established under Section 25 Climate Change Act 2016 as a funding mechanism for prioritizing climate-change actions and interventions.

Kenya’s Climate change has become a major threat to our society.

Climate-related disasters such as the 2022–2023 prolonged drought and the recent deadly floods in 2024 have created an economic liability of approximately 2 to 2.8 percent of its gross domestic product (GDP) annually. This In addition, there are several other risks, including the economic consequences of the COVID-19 epidemic, frequent infestations by locusts and other pests and diseases.

The The most recent analysis on climate finance is found in 2021 Kenya Climate Finance Landscape. The Nationally Determined Contributions You can also click here to find out more about annual expenditure should be USD 4.39 billionAgriculture is worth USD 0.63 billion; water USD 0.97 billion; renewable energy USD 1.69 billion; and other sectors USD 1.11 billion.

Kenya’s The total public expenditure on climate and nature is approximately USD 1,53 billion per annum. Recent According to estimates, the country has already achieved one third of the total financing required for climate change-related investments. As As a result, experts like GikamaIt will be difficult for the country to meet its ambitious goals in relation to climate change.

Kamau Ndung’u. Nairobi-based auditor tells IPS debt-ridden Kenya When allocating resources, it is important to consider the climate crisis.

“Budget estimates for the financial year 2023-2024 indicate that our expenditure on debt servicing and repayment and pensions will increase from 44 percent to 49 percent. The rest of the budget, 51 percent, will run all other government programs across the country. The national government has over the years allocated itself a bigger share of financial resources at the expense of the county levels.”

Gikama The Minister of Climate Action, Mr. John Healey, agrees and says that, with limited resources available, the agenda for climate action needs to be refocused.

“Kenya’s GDP relies on sectors that are very climate-sensitive, including agriculture and tourism. Yet critical areas such as agriculture, forestry and water remain underfunded. Climate change has had a very severe impact on agriculture and water resources. In the absence of adequate financing, local communities are unable to cope with changing weather patterns, especially farmers. Nearly 98 percent of our agriculture is rain-fed.”

Atieno OlooA financial expert at the Ministry The following are some examples of how to use FinanceAccording to the government, both public and privately-funded capital is invested in climate change.

“The government is matching scarce resources with needs. The Treasury is currently working on distributing USD 56.9 million to 45 counties through the Financing Locally Led Climate Action program.”

The Money is a grant by the World Bank And its partners. OverallRecent estimates show that USD 2.4 billion was invested by the government in climate action. Public Investment, including financing from domestic and international sources, accounted for 59.5 percent, while the private sector provided the remaining funds.

“Available estimates show that more than half, 55 percent, of the government’s climate-related expenditure comes from international partners, while 45 percent is domestic public financing. Kenya and all other developing, struggling countries should receive climate financing through the Loss and Damage Fund,” Gikama says.

Combined, African The world’s greenhouse gas emissions are less than 3%. Kenya The total global emissions are less than 1%. Developing In 1991, the first countries to call for a fund to cover losses and damages were France.

The The fund would offer financial assistance to those who have caused the most damage and loss due to climate change. It It has taken 32 years and 27 COP Summits Finally deliver a Loss You can also find out more about the following: Damage Fund At COP 28, UAE.

“Kenya and all other affected countries must focus on this fund and demand accountability. It is unacceptable that about 79 percent of international public climate finance came to us as a debt and more than half of it, 55 percent, was spent on climate mitigation. The rest, 45 percent, was spent on climate adaptation. The adaptation sector takes a back seat despite all evidence showing that it would be our highest return on investment area,” He emphasizes.

Government According to estimates, private financing accounts for approximately 41 percent of climate finance in Canada. Of this, Kenyan Companies mobilized 34.4 % and the remaining 65.6 % came from private overseas companies’ investments Kenyan-based projects.

While Kenya’s Estimates show that the foreign private sector invests primarily (99.7%) in renewable energy projects. Philanthropic Organisations continue to be the only private international actors who invest in other climate-related sectors and, even more, projects relating to adaptation in sectors like water.

The Loss You can also find out more about the following: Damage Fund It is a package of rescue and rehabilitation for the poorest and most vulnerable nations in developing countries that have been severely affected by climate changes. The Fund currently holds approximately USD 700 millions.

The USD 100 billion Fund, Agreed Before the Paris AgreementThe program, which was designed to help developing countries reduce greenhouse gas emissions as well as adapt to the negative impacts of climate changes, has consistently missed its goals. The The goal was to raise USD100 billion annually by 2020, from public and private sources, as well as bilateral and multilateral sources and alternative sources. According You can also find out more about the following: OECD In 2021, the total amount of climate finance mobilized and provided by developed countries to developing countries was USD 89.6 Billion.

Developing The need for financial resources will increase as the climate crisis worsens.

The Climate Finance Path for Countries such as Kenya It is narrow and winding.

IPS UN Bureau Report

Note: This This feature is supported by Open Society Foundations.

© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service

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