Salvador, Brazil (AX) — Somalia’s climate finance efforts took center stage this week as Liban Obsiye, executive director of the National Climate Fund (NCF), joined finance ministers and experts at the 2nd Inter-Regional Exchange of Ministries of Finance for Climate in Salvador, Brazil.
The three-day forum examined the opportunities and obstacles involved in mobilizing domestic climate finance. Officials from Africa and Latin America compared approaches to expanding investment and strengthening financial responses to the climate crisis.
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Participants assessed a range of national, regional and international financing tools, including domestic revenue, public-private partnerships, disaster risk financing, insurance, diaspora bonds and debt.
Representatives also outlined their countries’ climate finance frameworks and discussed how those systems are being put into practice.
Obsiye said the gathering allowed Somalia to present the perspective of a nation confronting the effects of climate change on the front lines.
“As a country at the forefront of the climate crisis, I had the opportunity to share some of Somalia’s climate finance successes and challenges, and its experience of making the case for how financing can be most effectively deployed in more fragile countries,” Obsiye said.
He said Somalia is pursuing a whole-of-government and whole-of-society strategy for climate finance. The approach combines innovation and experimentation to build resilience, safeguard people and livelihoods, and help move the country toward a more sustainable future.
The 2nd Inter-Regional Exchange was organized by the French Development Agency, Brazil’s Ministry of Finance, the Inter-American Development Bank and the Institute for Climate Economics.
