AfDB to Set Up Climate Change Funds & Green Banks in Africa
CGC will work with six African countries to conduct feasibility studies for the project, which was launched at the Green Bank Design Summit held in Paris in March 2019. The Summit tasked 23 developing countries to elaborate a new model to enhance investment in clean energy.
CGC, which incubates local clean energy finance organizations often called Green Banks, has contributed over $2 billion of clean energy investment.
Green Banks and National Climate Change Funds 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.
Thus, African 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).