The African Development Bank will mobilise at least $50m by 2023 to pilot its ‘Adaptation Benefits Mechanism’ initiative and operationalise it for global use.
The initiative will climate-proof Ivorian smallholder farms’ cocoa yields, according to the bank’s statement.
“The current levels of climate finance for Africa are only a fraction of what is needed to ensure a smooth transition to a sustainable, low carbon and resilient continent.
“The African Development Bank aims to mobilise at least $50 million by 2023 to pilot the ABM and operationalise it for global use,” the statement quoted the Director for Climate Change and Green Growth at the AfDB, Anthony Nyong, to have said.
It added, “The ABM promises to be a game-changer in better engaging the private sector, non-profit organizations, and local governments to address the huge adaptation deficit.”
The bank stressed that without help, some 800,000 Ivorian smallholder farmers, who produce the largest share of the world’s cocoa supply, could suffer heavy production losses due to production and supply chain disruption.
According to the bank, a new project by it and the International Agroforestry Agency will bring relief to two Ivorian smallholder cocoa farmers’ communities in Soubre and Vavoua currently grappling with declining yields caused by climate change and worsened by the COVID-19 pandemic.
Speaking on the development, the ICRAF Director for Central and West Africa, Christophe Kouame, said, “Our experience has proven that agroforestry practices, knowledge, and skills transfer enhance the sustainability of cocoa plantations and improve the resilience of smallholder farmers’ communities, particularly of women and youth.”
The ABM initiative would be used to mobilise new finance to replicate the successful practices in other Ivorian cocoa farmer communities and in at least three other cocoa-growing countries in the region, the statement noted.