A new initiative launched at COP26 is already enhancing the livelihoods of farming families and restoring degraded agricultural land across six countries – Kenya, Ethiopia, Malawi, Tanzania, Uganda, and Zambia.
Enhancing small-holder farmers’ access to agricultural finance and smart data for climate adaptation in Ecuador
Location & Region: Ecuador, Latin America
Partner: Scale for Resilience
Implementer: YAPU, Interamerican Development Bank, Red de Instituciones Financiera de Desarrollo
Area and sector: Rural/ agriculture, technology, finance
For small producers and micro and small businesses in the agricultural sector, the climate crisis is a direct threat to their livelihood. For this reason, access to finance, timely information for risk management to effectively respond to climate-related shocks are key components to build resilience and enhance adaptation through climate-smart agriculture and reduce vulnerability.
Race to Resilience partner Scale for Resilience is championing access to climate finance, access to information and capacity building alongside YAPU Solutions, by providing technical assistance to support farmers to increase production, reduce risks and access micro credits. YAPU allows its users to perform a 360° risk analysis that integrates social aspects, production, market, climate and environmental risks into the credit analysis.
In Ecuador, YAPU Solutions in partnership with the Interamerican Development Bank and Red de Instituciones Financiera de Desarrollo launched the ECO MICRO initiative, which focuses on scaling smart credit methodologies based on data and climate to improve goods, processes, and strategies for agricultural and climate finance for smallholder farmers, small and micro businesses.
Some of the direct benefits perceived by the use of ECO MICRO are the following:
- Support for agricultural finance adapted to climate by improving the availability of information on risks and opportunities in the rural sector
- Expand the options to access credits and financial support to implement climate-smart agriculture projects
- Capacity building for coping with environmental and climate threats
- Reduction of risks and increase in agricultural production
- The creation of a centralized database and a detailed national risks map
ECO MICRO has successfully channelled more than USD $7,683,703.21 in credits that have been approved to implement a broad range of projects from over 25 climate-smart agriculture solutions. These range from developing biodigesters, eco-tourism, crop rotation, and irrigation systems, among others.
In Parroquia Tarqui, Guayaquil Ecuador, ECO MICRO and the small cooperative for savings and credits Cacpe Pastaza, have provided financial and technical assistance to Miriam Romero, for the enhancement of the production of Tilapia, supporting pisciculture as an important climate solution and implementing a better pumping system for the recirculation of water and oxygen, improving the tilapia production and increased income for Miriam.
Watch the video (Spanish)
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