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AfDB calls for more Climate Financing to Africa at LEDS Partnership Meeting
The African Development Bank (AfDB) joined some 125 representatives from developed and developing countries, implementing organizations and multilateral institutions at the Low Emissions Development Strategies (LEDS) Collaboration in Action workshop from 20-23 March 2012 outside of London, UK to advance a collaborative community of practice focused on promoting the low emission development agenda around the globe. The workshop provided valuable opportunities for peer learning and knowledge exchange, collaboration around key issues related to LEDS, and consideration of how the LEDS Global Partnership should develop.
During a high-level panel discussion on financing LEDS implementation, AfDB Chief Climate Change Specialist, Mafalda Duarte, expressed concerns that the financing is not yet enough in Africa to bring down the costs of certain technologies, such as concentrated solar. “Several countries in Africa now have ambitious renewable energy goals which will require substantive concessional finance available in the short to medium term to buy down capital costs, ease the balance sheet liabilities of utilities and/or shelter risks for private sector engagement,” she stated. “Also missing are adequate readiness resources to promote enabling environment reforms or conduct feasibility studies and other groundwork for a solid pipeline of projects.”
Complicating matters further is the lack of an internationally-accepted methodology for tracking the exact share of aid spending that contributes to climate change mitigation or adaptation. Ms Duarte offered insights on how the multilateral development banks are working together on a joint methodology for tracking climate change mitigation and adaptation finance, with the AfDB coordinating efforts on adaptation.
Also sharing African insights were representatives from Ethiopia, who explained the nation’s long-term vision to meet national economic development goals and address the opportunities and challenges associated with LEDS. These include the relative unpredictability of the scale and pace of economic growth and population increase.
Kenya discussed how strong political will and private sector participation helped shape its National Climate Change Response Strategy (NCCRS). Speaking on national climate finance mechanisms to catalyze public and private investment in LEDS, Kenya suggested effectiveness could be enhanced with more information sharing and collaboration across sectors and national boundaries.
The workshop was co-organized by LEDS Global Partnership (LEDS GP) members including the U.S. Government, the Climate and Development Knowledge Network (CDKN), the World Bank, the UK Department for International Development (DFID), the Children’s Investment Fund Foundation (CIFF), the United Nations Environment Programme (UNEP), the United Nations Development Programme (UNDP), and the World Resources Institute (WRI).