Sierra Leone: The African Development Bank and the Association of African Development Finance Institutions (AADFI) are hosting a virtual workshop titled “Mainstreaming Climate Finance Actions in National Development Finance Institutions”.
The Climate action workshop begins tomorrow Tuesday 1st June to Thursday 3rd June 2021.The objective of the event is to equip participants, in particular the private sector, with knowledge to scale up climate action. Participants will also gain a deeper understanding of the roles of national development finance institutions in climate risk management.
The objective of achieving the Paris Agreement, particularly the transition to low-carbon climate-resilient (LCR) economy, requires a holistic engagement of all stakeholders given the huge tasks and expectations ahead.
Already, many African countries have been envisaged that coordination and financing could remain a challenge in the process. Specifically, it is estimated that the cost of Africa’s adaptation to climate change will be between $10 to $30 billion a year by 2030.
“The World Bank also estimated that between 2010 and 2050, the annual cost for adaptation to climate change in Sub-Saharan Africa (SSA) will be at least $18 billion, excluding funding necessary to place SSA countries on a low-carbon development pathway.
While such financial estimates have been the subject of many debates, there is a consensus that the level of financing currently reaching African countries is nowhere near enough to meet demonstrated needs, especially for immediate adaptation measures.
In this regard, the African Development Bank in 2018 launched the African Financial Alliance for Climate Change (AFAC) as a platform for Africa’s financial sector to mobilize climate finance and incentivize the shift of their portfolios towards low carbon and climate resilient investments.
Furthermore, the Bank with financing from its Fund for Private Sector Assistance (FAPA) supports capacity enhancement for Africa’s private sector to adequately participate in the implementation of the Nationally Determined Contributions (NDCs) under the Paris Agreement.
To scale up funding and attract more private sector climate-resilient investments in support of NDCs implementation of the various African countries under the Paris Agreement, a suite of climate investment tools have been developed by Bank’s Climate Change & Green Growth Department.
By [email protected]