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ACCF Annual Report 2017

23-oct-2018

The signing of the 2015 Paris Agreement represented a milestone in the global efforts to reverse the negative effects of climate change. Article 2.1c of the Agreement establishes the long-term collective ambition to “make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” Aligned with this ambition, African countries have outlined bold aspirations to build climate resilient and low-carbon economies in their Nationally Determined Contributions (NDCs). Considerable financing is needed to meet these objectives. To support this, the African Development Bank has adopted the ambitious target to scale up its climate finance to achieve 40 percent of new approvals per year by 2020, with the intention of ensuring that 50 percent of climate finance is dedicated to adaptation critical for countries particularly vulnerable to climate change.

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