Speaking on behalf of the organization, Executive Director Pamela Coke-Hamilton outlined the challenges faced by small businesses, particularly in sub-Saharan Africa, where 70% acknowledge the need for sustainability but less than 40% feel capable of implementing necessary changes.
Coke-Hamilton highlighted the ITC's focus on capacity building and cited the successful Sankofa project in Ghana, illustrating its impact on reforestation, carbon sequestration, and increased exports. She emphasized the importance of addressing the contribution of agriculture to climate change and deforestation.
The Executive Director also discussed the significant challenge of accessing climate finance, revealing that only 1.7% of small farmers globally have access, with even fewer in the most affected countries. While acknowledging a recent 100 million pledge for loss and damage, Coke-Hamilton emphasized the need for a more substantial annual fund of 100 billion. She addressed the obstacles faced by developing countries in accessing funds, including issues of indebtedness, capacity, and collateral requirements.
Coke-Hamilton concluded by underlining the importance of capacity building for effective fund utilization, proper monitoring, and evaluation to track the impact of climate initiatives. The ITC's involvement at COP28 signifies its commitment to addressing challenges faced by small businesses and promoting sustainable practices on a global scale.
The International Trade Centre (ITC) is a joint agency of the World Trade Organization (WTO) and the United Nations (UN) dedicated to supporting small businesses in developing countries and economies in transition. Its mission is to foster sustainable economic development through trade and international business development. ITC provides practical training, advisory services, and valuable business intelligence data to help these businesses become more competitive and navigate the complexities of international trade.
Vinod Kumar (UAE)
