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African Financial Alliance on Climate Change (AFAC)

The African Financial Alliance on Climate Change (AFAC) aims to put the financial sector at the centre of climate action in Africa. The pan-African alliance brings together Africa’s key financial institutions, including central banks, insurance companies, sovereign wealth and pension funds, stock exchanges, as well as commercial and development banks, to mobilise private capital flows towards continent-wide low-carbon and climate resilient development.

AFAC will promote climate action through the following core objectives: knowledge sharing, climate risk-mitigating financial instruments, climate risk disclosure, and climate finance flows.

The alliance positions African financial actors as key stakeholders in the evolving global climate finance architecture, helping design solutions and mobilising private capital for climate action.

AFAC will complement and leverage other global and regional climate change initiatives being launched by the Group of Twenty (G20) countries and other stakeholders for their respective countries/regions. This harmonisation of actions will  ensure seamless alignment across governance structures and frameworks, policies, standards, procedures and instruments.

 

Membership

Membership is voluntary and open to financial institutions as well as owners and purveyors of capital in Africa.

Representatives from these institutions should have the requisite knowledge, interest, and capacity to influence the internal strategy of their respective organisations / associations.

The list of membership types includes, but is not limited to, the following:

  • Multilateral Development Banks
  • Central Banks
  • National and Regional Development Banks
  • Commercial Banks
  • Institutional Investors
  • Stock Exchanges
  • Insurance Companies
  • Ministries of Finance et al.

 

Governance

AFAC is led by a Steering Committee of experts and leaders in the African financial industry. The Steering Committee is supported by a Secretariat hosted at the African Development Bank.

Members of the Steering Committee:

  • Mr. Uzziel Ndagijimana, Minister of Finance and Economic Planning, Rwanda  (Co-Chair)
  • Mr. Nicholas Stern, Chair Grantham Research Institute, London School of Economics and Political Science (Co-Chair)
  • Mr. Amadou Hott, Vice President, African Development Bank
  • Mr. Ibrahima Kane, Director General, Senegal Wealth Fund (FONSIS)
  • Ms. Dollika Banda, Chief Executive Officer, Africa Risk Capacity
  • Mr. Dave Uduanu, Chairman, African Pension Fund Network
  • Mr. Corneille Karekezi, Group Managing Director, Africa Reinsurance Corporation
  • Mr. Patrick Dlamini, Chair, Association of African Development Finance Institutions
  • Mr. Mohamed El-Kettani, Chief Executive Officer, Attijariwafa Bank
  • Mr. Oscar Onyema, CEO, Nigerian Stock Exchange and Past President, African Securities Exchanges Association
  • Mr. Godwin Emefiele, Governor, Central Bank of Nigeria and Chairman, Association of African Central Bank Governors (2016 - 2017)

 

QUOTE

Africa’s financial actors need to work together creatively to mobilise global financial resources at scale that can support local innovation, and that drives climate-resilient and low-carbon development on the continent. Having been short-changed by climate change, Africa must not be short-changed by climate finance.
  -  Akinwumi Adesina, President, African Development Bank Group

 

As the continent most vulnerable to climate change, we can only thrive if we set our economies on a low-carbon and climate-resilient development trajectory. The smart choice is to rethink how we deploy capital in a changing environment. An engaged financial sector is essential. AFAC will be instrumental in defining pathways which direct financial flows towards Africa’s NDCs and SDGs.”
  - AFAC Steering Committee Co-Chair Dr. Uzziel Ndagijimana; Minister of Finance and Economic Planning, The Republic of Rwanda

 

Improved understanding of climate-related risks and opportunities is essential if investors are to be in a position to manage risks and make the investments necessary for delivery on the Paris COP 21 Agreement. Failure to reach the Paris targets would be deeply damaging for the world as a whole and especially for Africa. Thus the AFAC is a very important initiative for engaging Africa’s financial sector to drive climate action. AFAC forms a building block for climate-related governance, strategy and risk-reward metrics towards low-carbon and climate-resilient investments.
  - AFAC Steering Committee Co-Chair Lord Nicholas Stern ; IG Patel Professor of Economics & Government, Chair, Grantham Research Institute on Climate Change and the Environment, The London School of Economics and Political Science


Documents

Contact:

AFAC Secretariat