The 2019 Annual Meetings of the African Development Bank Group will be held from 11-14 June 2019, in Malabo, Republic of Equatorial Guinea. Find out more
A race against time
We live in a complicated interconnected world, on a continent experiencing considerable economic, social and environmental challenges. Among the most significant of the environmental challenges is climate change. In Africa, climate change threatens to derail the significant development gains that have been made over the last decades; climate change also threatens future growth and development. Read more
Often over the past few years, I’ve come across fellow colleagues working as investment officers who view concessional climate finance as a pure co-financing instrument that can quickly and effectively cover a funding gap in any given project. They fail to understand that if structured in such a simple way, the full potential of concessionality to drive private investment in under-invested sectors will not be met.
In 2008, as the urgency of global support for climate-smart development became increasingly apparent, donor and recipient countries established the Climate Investment Funds (CIF) through the multilateral development banks as a transitory financial mechanism to help provide an interim climate source of funding, pending the effectiveness of a new multilateral climate finance facility developed under the guidance of the United Nations Framework Convention on Climate Change (UNFCCC).