Unveiling importance of climate finance in Eswatini
A Sthe impacts of climate change escalate with frequent warnings of extreme weather events from our national disaster agencies, the need for climate finance becomes increasingly urgent. The African continent faces a vast combination of challenges, from high risk weather events to decreasing natural resources, exacerbating poverty and discouraging sustainable development efforts. Recognising this urgent need, international agreements, such as the 2015 Paris Agreement, Kyoto Protocol and The Convention, have been established to help mobilise financial resources and support climate action in the global south countries such as Eswatini. These agreements underscore the critical role of climate finance in addressing the challenges of climate change and advancing the global transition to a low-carbon resilient future. This article delves into the significance of climate finance in Eswatini and explores the vast opportunities it offers for addressing climate-related challenges and fostering resilience.
The United Nations Framework Convention on Climate Change (UNFCCC) states that climate finance refers to local, national or transnational financing drawn from public, private and alternative sources of financing such as grants or green bonds that seek to support mitigation and adaptation actions that will address climate change. In African countries such as Eswatini, where vulnerability to climate change is high, accessing climate finance presents a critical opportunity for accelerated sustainable development.
Africa’s vulnerability to climate change stems from its dependence on climate-sensitive sectors such as agriculture, forestry and water resources. Climate variability and extreme weather events, including droughts, floods and heatwaves, disrupt agricultural productivity, leading to food shortages and economic losses. For example, during the El Nino drought that happened in 2015-16, it led to a 30 to 40 per cent drop in the production of maize, which is a staple crop in the country and further led to extremely low water levels in the main Hawane Dam, which serves the capital city of Mbabane with water. A majority of rural boreholes dried up, forcing the closure of many schools, which in turn affected nearly 200 000 pupils and teachers in rural and urban areas. In this context, climate finance plays a pivotal role in building resilience and reducing vulnerability by supporting adaptation efforts in the country.
BENEfiTS
One of the primary benefits of climate finance in Eswatini is its potential to catalyse sustainable development, by providing funding for resilient infrastructure to natural disasters, resilient agro-ecology interventions and increasing water and energy security in the country. For instance, the European Union (EU) Water Harvesting on small and medium earth dams project in Eswatini provides local farmers an opportunity to increase their food production and generate various sources of income since water production is no longer an issue.
Young people can also maximise their opportunities in this project by using their education to maintain and upgrade the technical and scientific water harvesting systems in the programme; thereby stimulating economic growth and improving livelihoods in the country. Similarly, initiatives such as the Eswatini EnvironmentalAuthority grants and the GEF small grants programme in Eswatini support projects developed by local people that address the need for sustainable land management and reforestation practices that enhance ecosystem resilience and biodiversity conservation, fostering long-term sustainability.
Furthermore, climate finance strengthens innovation and technology transfer, unlocking opportunities for green growth and job creation. Through partnerships and collaborations with institutions such as the EU and
the Africa Development Bank, Eswatini can leverage climate finance to access cutting-edge technologies and expertise, enhancing our capacity to adapt to climate change.
Supporting early warning systems, disaster risk reduction measures and climate-resilient infrastructure, climate finance can enable our rural and urban communities to prepare for and respond to climate-related disasters effectively. For example, investments in resilient housing and infrastructure help vulnerable communities withstand extreme weather events, reducing the human and economic costs. Additionally, climate finance facilitates capacity-building initiatives and knowledge exchange programmes, empowering our local communities to develop adaptive strategies tailored to their specific needs and contexts.
Despite the immense potential of climate finance, accessing and effectively utilizing funds remains a significant challenge for Eswatini. Limited public financial resources, institutional capacity constraints and inadequate regulatory frameworks hinder the mobilisation and allocation of climate finance effectively. Additionally, competing development priorities often divert attention and resources away from climate change adaptation and mitigation efforts. Addressing these barriers requires a multi-faceted approach, including strengthening governance structures, enhancing transparency and accountability and promoting international cooperation and solidarity.
In conclusion, climate finance holds immense importance for Eswatini’s sustainable development journey. By providing funding, investments and mechanisms to address climate change impacts, climate finance offers opportunities for mitigating vulnerabilities, fostering resilience and promoting green growth. Leveraging climate finance effectively can unlock transformative opportunities for Eswatini, enabling us to transition into a climate-resilient economy while simultaneously advancing social equity and environmental sustainability. However, realising the full potential of climate finance requires concerted efforts from governments, international organisations, the private sector and civil society to overcome existing barriers and harness the benefits of climate action for the continent’s future generations.