Mali confirms it can mobilize additional climate finance with AfDB’s help
In mid-April 2015, Mali confirmed its ability to raise funds to finance climate change adaptation and greenhouse gas emissions mitigation projects – a development made possible thanks to the African Development Bank (AfDB) Group and other partners such as the Green Climate Fund (GCF).
The Project for Scaling-up Renewable Energy in Mali (PAPERM) was officially launched from April 7-14, 2015. To be implemented over a three-year period, PAPERM aims to: (i) improve policy, strategic, regulatory and institutional frameworks to develop renewable energy; (ii) strengthen national stakeholders’ capacity, knowledge management, and improve renewable energy communication and advocacy; and (iii) strengthen the sector’s monitoring and evaluation systems in Mali.
During the launch, the Malian Energy and Water Minister, Mamadou Frankaly Keita, underscored the project’s importance for his country: “We expect a lot from this project. The development of our abundant renewable energy is necessary for the provision of electricity to all Malians.” This US $1.5-million funding was obtained with AfDB support from the Scaling-up Renewable Energy Programme in Low Income Countries (SREP) of the Climate Investment Fund (CIF). PAPERM, whose total budget is estimated at US $2.6 million, will also receive a US $530,000 grant from the Sustainable Energy Fund for Africa (SEFA). Initial project activities should be implemented as early as May 2015.
The Africa Climate Change Fund (ACCF) is ready to grant the country access to further climate change financing, such as financing from the Green Climate Fund. Mali has submitted a funding request to the ACCF which is currently being discussed with the AfDB for its finalization. Mali intends to quickly develop bankable projects and investment plans that take climate change into account, while promoting a low-carbon emissions development pathway. Mali also has a newly operational National Climate Fund, created in 2012, with a project portfolio under preparation.
Lastly, Mali is well placed to receive climate financing given its role in the United Nations Framework Convention on Climate Change negotiations as the spokesperson for the African Group of Negotiators, supported by the AfDB, which is helping prepare the overall agreement to be signed in Paris in December 2015 during the climate change summit. Mali’s capital has already hosted the Franc Zone ministers’ meeting from April 9-10, 2015 during which part of the discussions focused on climate change and the need for economy and finance ministers to support the mobilization of climate change funds for their respective countries.
Since 2011, the AfDB has been implementing an action plan on climate change which expires in December 2015. Between 2011 and 2014, it has mobilized about US $6.5 billion for the continent – an amount which represents the AfDB’s own capital contribution to climate change funds it manages or hosts such as the Climate Investment Fund, the Global Environment Facility and the Sustainable Energy Fund for Africa.