The UNFCCC through the fund seeks to address the continent’s priority areas such as expanding sustainable climate-smart agriculture, transforming energy generation and increasing energy access, and scaling up finance for forest protection.
On Wednesday, March 9, the African Development Bank announced its accreditation as a multilateral implementing entity and intermediary to the Green Climate Fund (GCF), further enabling it to scale-up financing necessary to address the impacts of climate change.
GCF, a fund within the framework of the United Nations Framework Convention on Climate Change (UNFCCC) was founded as a mechanism to assist developing countries to adapt and mitigate against the adverse effects of climate change. The UNFCCC through the fund seeks to address the continent’s priority areas such as expanding sustainable climate-smart agriculture, transforming energy generation and increasing energy access, scaling up finance for forest protection, and enhancing the resilience of small island developing states.
Although AfDB has been financing climate-resilient and low-carbon development in Africa, the continent still lags behind other regions in attracting necessary funds to implement climate-smart initiatives.
Between 2011 and 2015, as part of its Climate Change Action Plan (CCAP), the AfDB mobilized approximately US $12 billion of climate finance. Nonetheless, with new GCF funds that will now be channeled through the AfDB African countries are set to benefit. Countries can access additional resources from AfDB as it focuses efforts on working with member states to bring proposals forward for GCF funding consideration.
Speaking after the announcement at the GCF Board meeting, Alex Rugamba, Energy, Environment and Climate Change Director and Chair of the AfDB Climate Change Coordination Committee, said, “AfDB is committed to significantly scale-up its climate finance to $5 billion per year by 2020 to support adaptation and mitigation challenges in Africa. Partnering with the GCF will be essential to meet this target. Not only will AfDB be able to help channel new GCF resources, it can also blend GCF funding with AfDB’s own resources, or with other third-party financings.”
The AfDB has been involved in the design of the GCF since its inception and has followed as an observer in GCF board meetings. After the historic international climate agreement reached during COP21 in Paris last December, the Bank’s accreditation sends an additional positive message to Africa.
The GCF Board is holding its 12th meeting in Songdo, South Korea, this week, during which a total of thirteen new implementing entities, including the AfDB, were approved for accreditation, expanding the network of GCF-accredited partners to 33.
In addition to the GCF, the AfDB already serves as an implementing agency of the Global Environment Facility, the Climate Investment Funds, and the Kyoto Protocol’s Adaptation Fund. The AfDB also hosts and manages several internal climate-related instruments such as the Africa Climate Change Fund, the African Water Facility, the ClimDev-Africa Special Fund, and the Sustainable Energy Fund for Africa.
Image credit: newdaypost.com
Are you impressed, have any concerns, or think we can improve this article? Comment below or email us.