UNDP helping Mw. access Green Carbon Market, Loss & Damage Fund

Natural disasters have plagued Malawi year on end since 2015 from Tropical Cyclones, floods to El Nino all which are having a huge negative impact on the population.

The country has had challenges in accessing climate change funding owing to the complex and rigorous processes and mechanisms.

United Nations Development Programme (UNDP) Resident Representative Fenella Frost says the agency is supporting the Malawi government to better access various interventions on climate financing.

She among others indicated that Malawi has already been able to benefit from the Green Climate Fund (GCF) and Green Environment Facility (GEF).

“The key thing now is how to benefit from the Damage and Loss Fund as you know that’s a new fund that’s just been established and I’m very proud that UNDP is supporting Malawi as the Chair of the LDCs for the climate negotiations to help think through how LDCs can better access the new Damage and Loss Fund.

“The other key area which I know the new Minister of Finance showcased in his annual statement to Parliament earlier this year is around carbon trading and in that area, UNDP is very proud to announce that we are providing technical support to the Ministry of Finance and the Ministry of Natural resources but across the whole of government so that government has better capacity to be able to access the green carbon market”  

According to the 2023-24 Human Development Report (HDR) unveiled during the week, the debt burden is causing huge challenges for many African countries as instead of investing in progress towards the Sustainable Development Goals (SDGs, more money is spent on repaying debt than on the goals.

The report also indicates that only two percent of Least Developed Countries (LDCs have recovered which according to the UNDP Representative shows that it takes longer for them to achieve progress.

Frost notes this is still good news for Malawi together with the other LDC’s to now galvanise even more under the leadership of government. Among others she cites that government has clearly spelt out vehicle for success through the MW2063 but also through the ATM strategy noting that agriculture tourism and marketing are three priority areas earmarked for Malawi’s growth.