Ethiopia launched a Climate Resilient Green Economy Facility that is expected to equip the nation with a credible instrument meeting international fiduciary standard and requirements for Measuring, Reporting and Verification.
The launch presided by Ahmed Shide, State Minister for Finance and Economic Development was attended by government officials, developmental partners and UN agencies.
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 Ahmed.
The International low carbon market is currently worth an estimated 3 trillion pounds and is expected to double in the coming decade according to Greg Dorey, British Ambassador to Ethiopia. The UK wishes to benefit from this market with 8% of the national GDP already coming from low carbon and environmental goods and services he noted.The UK looks forward to working with Ethiopia in this area for mutual gain said Dorey.
The UNDP will serve the role of an Interim Trustee under a Multi-Partner Trust Fund Arrangement.
The Green Economy program is a means of overcoming poverty for all citizens noted Dr. Tewoldebirhan Gebregzihber, Director General of the Environmental Protection Agency.
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.
It is to be remembered that Ethiopia became the first African country to launch a Climate Resilient Strategy in 2011.
