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ACCF grants USD 1.35 million to enhance climate finance readiness in Cape Verde, Kenya and Swaziland
The Africa Climate Change Fund (ACCF) announced Friday, the approval of three projects totaling USD 1.35 million to enhance the readiness of Cape Verde, Kenya and Swaziland to mobilize climate finance, necessary to achieve national sustainable development goals.
The African continent is already experiencing the adverse impacts of climate change. In spite of this reality, it continues to receive a disproportionately small share of climate finance compared to other continents. In order to mobilize finance on the scale needed, ministries, national agencies, local NGOs, and research institutions require additional support to effectively attract, access and utilize climate finance essential to promoting a more climate-smart future for the continent. The ACCF was created by the African Development Bank in 2014 with a contribution of EUR 4.725 million from Germany to assist in meeting this need.
ACCF Coordinator, Louise Helen Brown, stated that, “An overwhelming response to the ACCF’s first call for proposals last year confirmed the need for additional support in assisting African governments, NGOs, and research institutions to access and scale-up climate financing to the continent. The approval of this funding for Cape Verde, Kenya and Swaziland will help relevant agencies position themselves strategically to access the necessary finance to reduce climate vulnerability and prioritize low-carbon development projects necessary to advance national development goals.”
A portion of the USD 1.35 million grant will help Cape Verde develop nationally appropriate mitigation actions (NAMAs) for two key strategic sectors – energy and waste – and identify and select the target funding sources needed to implement the identified activities. Meanwhile, in Kenya, the funding will support the prioritization and development of project concept notes and proposals to advance low-carbon, climate-resilient development in the forestry, agro-forestry and agriculture sectors, which will be presented to appropriate domestic and international funding sources for consideration. It will further enhance the capacity of the Ministry of Environment and Natural Resources in project development and mobilizing climate finance.
Catherine Ndegwa, CEO of Kenya’s National Environment Trust Fund, stated, “We are delighted and privileged to have this opportunity of working with the Bank to advance Kenya’s climate change response. This project intends to strengthen the capacity of key agencies within the government who will in turn provide a strong pipeline of projects to potential financiers, thereby bolstering the realization of our aspirations of sustainable development as set out in Kenya’s Vision, 2030.”
A third grant will support Swaziland’s Ministry of Tourism and Environmental Affairs to assess and prioritize adaptation and mitigation actions; develop concept notes and proposals for submission to climate finance sources such as the Green Climate Fund; and provide training to key project managers and coordinators in different institutions on project development and management.
The announcement brings to five the total number of ACCF projects approved since the Fund’s establishment last year – including one in Mali and one continent-wide approved in July and August 2015.
About Africa Climate Change Fund: The Bank-managed ACCF was established in April 2014 with a EUR 4.725 million contribution from Germany with the objective to scale up climate smart development in African countries by increasing the mobilization of international climate finance. It provides support for activities ranging from strengthening capacity of African institutions to access and manage climate finance, to developing impactful projects and programs that will attract climate finance from the Green Climate Fund and other sources. According to the Secretariat of the ACCF, there are a further 17 projects in the ACCF’s pipeline that are currently undergoing appraisal, and there are plans attract further funding and scale the ACCF up to a multi-donor trust fund in the coming months.