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 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.