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ADDIS ABABA: The Ethiopia government, faced with a rising humanitarian crisis due to drought caused by what experts say is climate change, is launching a new Climate Resilient Green Economy Facility.
Experts confirmed to Bikyamasr.com on Friday that the reports published by a local blog on Thursday discussing the matter were true and that the new facility is to “equip the nation with a credible instrument meeting international fiduciary standard and requirements for Measuring, Reporting and Verification,†reported2merkato.com.
State Minister for Finance and Economic Development Ahmed Shide announced the launch with development partners and United Nations agencies.
“We hope this will be a boost to our green economy and help push the country toward sustainability in the face of drought and climate change issues,†a finance ministry official told Bikyamasr.com on the sidelines of the announcement.
“The facility is expected to support a strategic approach to climate policy and offer technical and financial support to issues related to climate change reducing the cost and duplication associated with a project centered approach,†said Shide.
Climate change having drastic effects on planet, but Ethiopia looks to battle against.
The International low carbon market is currently worth an “estimated three trillion pounds and is expected to double in the coming decade,†according to Greg Dorey, British Ambassador to Ethiopia.
The UK government has said it hopes to be a solid partner in the development of the new facility and has thrown its weight behind the government efforts here in Ethiopia.
The UNDP will serve the role of an Interim Trustee under a Multi-Partner Trust Fund Arrangement.
“Ethiopia chose a low emission development path showing responsibility and also allowing the country to access new economic and financial opportunities,†said Alessandra Tisot, UNDP Country General in Ethiopia.
Ethiopia was also the first country in Africa to launch a climate facility in 2011.
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