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Climate Finance Bimonthly Newsletter - Issue N° 35 – January-February 2016
The African Development Bank (AfDB) has been accredited by the Executive Board of the Green Climate Fund (GCF) as an implementing agency and intermediary of the Fund. This paves way for additional climate finance to be channeled to African countries through the Bank. Climate adaptation and mitigation projects are equally eligible for much needed international funding—a position which was strongly championed by African negotiators at the December climate negotiations in Paris.
This accreditation is a step in the right direction in mobilizing new and additional climate finance necessary for developing countries to meet their Paris Agreement commitments, but GCF funding alone will not be enough to achieve sustainable and climate resilient growth on the continent.
Our task is therefore tri-fold. In order to prepare member countries for funding eligibility, we must continue to scale-up climate finance readiness through available avenues such as the Bank’s African Climate Change Fund (ACCF). Develop and finance new bankable and robust projects that will deliver maximum co-benefits, specifically those in the adaptation sector where the needs are greatest. And lastly, in order to reach the global climate goal, climate finance mobilization will still be required from other global funds such as the Global Environment Facility and the Climate Investments Funds, as well as from the private sector and domestic sources.
Above all, increasing the number of adaptation and mitigation projects is fully aligned with the Bank’s Ten Year Strategy and its priority focus areas, including the New Deal on Energy for Africa — which advocates for a transformative approach to attain universal access to energy in Africa by 2025.