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Ethiopia’s Climate Resilient Green Economy (CRGE) facility operations manual and Sectoral Reduction Mechanism (SRM)
have been dispersed to relevant organizations and government offices. In addition, the manual was discussed at a two-day workshop entitled: The SRM Framework and CRGE Facility Operations Manual Consultation Workshop.
The manual was developed to mobilise financing for the building of a green economy by 2025, which was a major point of discussion that began on Wednesday, October 16.
Preliminary estimates indicate that building a green economy alone will require a total expenditure of around USD 150 billion over 20 years.
The CRGE Facility is responsible for mobilising resources, receiving resources mobilised from different sources, dispersing funds for the implementation of programs and projects appraised and approved by the task force and receiving project proposals, then registering and forwarding them to the advisory board and task force for technical and financial appraisal. The facility will be chaired by the Ministry of Environmental Protection and Forest (MoEPF).
The Sectoral Reduction Mechanism (SRM) is a comprehensive system for reducing vulnerability and emissions. It is part of Ethiopia’s Climate Resilient Green Economy (CRGE) Initiative. Put simply, the SRM is a mechanism for mobilizing action on climate change on the ground.
The purpose of the SRM is to reduce emissions and vulnerability in order to build a climate resilient green economy with zero-net carbon emissions by 2025 by providing upfront support and ex-post payment for the preparation and implementation of reduction interventions.
Belete Tafere, Minister of MoEPF and Ahmed Shide, State minister of Finance and Economic Development attended the workshop. The two ministerial offices have played crucial a role in the preparation of the manual.