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Africa Climate Change Fund - Supporting Africa countries to access international climate finance - 2019
African countries have outlined bold aspirations to build climate resilient and low-carbon economies in their Nationally Determined Contributions (NDCs) under the Paris Agreement, along with considerable financing needs to meet these objectives. Progress is being made globally towards mobilising and scaling up climate finance – notably with the recent establishment of the Green Climate Fund (GCF). However, the amount of climate finance flowing to the African continent remains below the estimated needs. Several factors contribute to African countries’ limited access to climate finance to date, including a weak enabling environment to attract climate investment; limited institutional capacity to access and manage finance and to develop bankable climate projects; as well as cumbersome processes and requirements of international funds and institutions. In recent years, there has been growing recognition of the importance of preparatory or “readiness” activities that help countries to strengthen their capacities and enabling environment to access and mobilise climate finance.