• EDITORIAL POLICY
  • ABOUT US
PML Daily
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home BUSINESS

AfDB, Climate Investment Funds to develop Green financing instruments for Africa

APO GROUP | PML Daily Agency PartnerbyAPO GROUP | PML Daily Agency Partner
October 15, 2019
7 0
5
SHARES
97
VIEWS
FacebookWhatsAppTwitter
Green Banks and National Climate Change Funds can play an important role in mobilizing finance to support low-carbon, climate-resilient development (PHOTO/File)

ABIDJAN, Ivory Coast – The African Development Bank, in partnership with the Climate Investment Funds, has commissioned the Coalition for Green Capital (CGC) to prepare a study on the creation of national climate change funds and green banks in Africa.

CGC will identify and work with six African countries to conduct feasibility studies for the project, which was initiated at the Green Bank Design Summit held in Paris in March 2019. The Summit tasked 23 developing countries to craft a new model to mobilise and accelerate investment in clean energy.

Andrea Colnes, Director of Global Green Bank Development at the CGC noted: “For countries to better access climate finance and fully engage the private sector, the climate finance system must reorient toward national financial capacity that is able to channel capital to projects and markets where it is needed most.”

When paired with effective grant programs through National Climate Change Funds and strong enabling environments and policies, locally-based Green Banks are powerful tools to address market needs, understand local risk and drive private investment.

Dr. Anthony Nyong, the Bank’s Director for Climate Change and Green Growth welcomed the collaboration. “Green financing vehicles are increasingly recognized as a powerful instrument to mobilize private sector capital for low carbon and climate resilient development. Their ability to access even limited amounts of local currency finance presents significant opportunities to manage risk, attract concessional finance from climate funds and crowd in private sector finance,” Nyong said.

“We are excited to work with the team from CGC and look forward to presenting progress reports at the Green Bank Summit in 2020 and COP26,” he added.

Green Banks and National Climate Change Funds can play an important role in mobilizing finance to support low-carbon, climate-resilient development, using methods such as blended finance to drive increased private investment.

Countries can mobilize funds from diaspora, national financial institutions, private investors, asset managers, sovereign wealth funds, and more. These instruments and funds can support the implementation of Nationally Determined Contributions (NDCs), CIF Investment Plans, CIF Strategic Plans for Climate Resilience and NDCs, and progress towards Sustainable Development Goals (SDGs).

Share this:

  • Twitter
  • Facebook

Related

Leave a comment

Tags: African Development BankAndrea ColnesClimate Investment FundsCoalition for Green CapitalDr. Anthony Nyongtop

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe


About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us



  • EDITORIAL POLICY
  • ABOUT US

© 2023

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2023

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist