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Climate Finance Quarterly Newsletter - Issue N°21 - May-June-July 2013

11-Sep-2013

This is probably the last time that I sign the Climate Finance Newsletter as I expect to join soon the Green Climate Fund (GCF) as its first Executive Director. I would leave the African Development Bank with the rewarding experience of seeing the Department of Energy, Environment and Climate Change contribute to a substantial increase in concessional climate financing for the Continent. By combining private, public and concessional funding we have enabled projects to become less risky and more “bankable” thus helping to pave the way for green growth on the continent. However, until now, climate finance has been insufficient when compared with the needs of the African continent, the continent most vulnerable to the effects of climate change. We need to identify further resources, to mobilize new financing and to innovate in how we deliver development as was highlighted during our Annual Meetings in Marrakech. Within the Framework of the AfDB Strategy for 2013–2022, which aims at promoting inclusive and green growth on the continent, the Bank's Environment and Climate Change division, led by Kurt Lonsway, will continue to work collaboratively with other key Bank departments to ensure that the AfDB's commitment to increasing access to climate finance among African countries continues. With the assistance of the AfDB, the Green Climate Fund should help mobilize more resources for Africa. The GCF is expected to become the main international fund providing concessional finance in the fight against climate change. There are real opportunities for collaboration between the AfDB and the GCF; the AfDB is well positioned to become one of the international implementing agencies approved by the GCF to channel its resources on the continent. To know more

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