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    BREAKING NEWS
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    Cocoa Farmers in Ivory Coast getting help

    Posted On 03 Feb 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Richard Adorsu-

    Photo Credit: Istock

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana–A new project by the African Development Bank and the International Agroforestry Agency (ICRAF) to bring relief to 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.

    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. Under the Bank’s new initiative, the smallholder farmer communities will receive climate-resilient and sustainable agroforestry assistance in 2021. The scheme will be implemented by the ICRAF and its partners – Mars Confectionaries, and the Rainforest Alliance.

    Christophe Kouame, ICRAF’s Director for Central and West Africa 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. Agroforestry and climate-smart landscapes can generate nature-based solutions that reduce climate risks, as well as losses and damages caused by climate change.”

    Côte d’Ivoire is the world’s largest cocoa producer, followed by Ghana. Together, the two West African neighbours account for more than two-thirds of the global supply. Cocoa plantations, which are the backbone of the world’s chocolate supply, are highly vulnerable to climate hazards, such as heatwaves, droughts, seasonal shifts, and erratic rainfall.

    The Adaptation Benefits Mechanism (ABM) – a first-of-a-kind results-based non-market mechanism for financing adaptation, piloted by the African Development Bank in the period 2019-2023, will be used to mobilize 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.

    Anthony Nyong, Director for Climate Change and Green Growth at the African Development Bank said: “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 mobilize at least $50 million by 2023 to pilot the ABM and operationalize it for global use. 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.”

    Under the ABM, adaptation project developers can sign off-take agreements with a variety of public, private and non-profit actors for payments upon delivery of certified adaptation benefits and use those agreements as collateral for achieving equity and raising finance. This additional revenue stream will make adaptation projects that will not be implemented otherwise feasible.

    Unlike mitigation projects, the vast majority of adaptation initiatives struggle to raise finance
    because they deliver public good and rarely generate cash flows. Without an incentive to address
    this issue, such as through the ABM, many vulnerable communities will become even more
    exposed to the devastating impacts of climate change.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

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    10 Comments

    1. Buhle February 3, 2021 at 3:24 am Reply

      I like to thank you for reporting, we are grateful for the reports. The great work you doing. We love it. Johannesburg South Africa. Buhle

      • New Africa Business News, Staff Correspondent February 3, 2021 at 3:25 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Felix February 3, 2021 at 3:29 am Reply

      African Development Bank as always investing in our people and economic. Monrovia Liberia. Felix

      • New Africa Business News, Staff Correspondent February 3, 2021 at 3:30 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Bule February 3, 2021 at 3:34 am Reply

      Thank you for the reports and thank you Richard with your team. Love it. Harare Zimbabwe. Bule

      • New Africa Business News, Staff Correspondent February 3, 2021 at 3:35 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Erick February 3, 2021 at 3:37 am Reply

      like to thank you for daily newsletters. Berlin, Germany. Eric

      • New Africa Business News, Staff Correspondent February 3, 2021 at 3:38 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Emmanuel February 3, 2021 at 3:44 am Reply

      Love my newsletter subscription with your online newspaper. Many thanks. Lagos NIGERIA. Emmanuel

      • New Africa Business News, Staff Correspondent February 3, 2021 at 3:45 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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