AfDB expands climate finance outreach with new Growing Green Africa series
The African Development Bank (AfDB), as a key implementing agency for the $7.6 billion Climate Investment Funds (CIF), has launched a new Growing Green series to expand stakeholder and public knowledge about its CIF partnership in Africa.
The series includes:
- A print and online brochure offering an overview of the AfDB CIF portfolio, including pivotal data about the 16 African countries with CIF/AfDB climate-smart investment plans, and highlighting the 11 projects already underway in 8 of the 16 countries;
- An online newsletter giving a regular update of news and features in the portfolio, including highlights in technology solutions, voices for CIF in Africa, and country-specific features (you can subscribe to the newsletter here).
“We are launching this series because we believe it is critical to build stakeholder and public understanding of the extraordinary work African countries are committed to through their AfDB CIF plans,” stated Mafalda Duarte, AfDB’s CIF coordinator and chief climate change specialist. “With Africa on the move toward economic and social growth, African nations’ work to take climate change into account can help ensure the region’s success and can also stand as an example to other regions.”
The first brochure and newsletter in the series offer examples demonstrating that Africa has begun to move significantly forward in achieving climate-smart development, through low-carbon and climate resilient solutions, with AfDB and CIF support.
As the documents show, the 16 countries in the AfDB/CIF portfolio are on tap to carry out 25 projects: 16 in renewable energy, 3 forest projects, 5 climate resilience projects, and 1 transport project. Of these 25 projects, 11 are already approved and are getting up and running, with $450 million of CIF funds and an additional $1.1 billion from the AfDB. Projected results from the portfolio include:
- 120 million tons of CO2 reduced through three of the CIF programs (Clean Technology Fund (CTF), Forest Investment Program (FIP), and Scaling-Up Renewable Energy Program in Low Income Countries (SREP))
- Poverty substantially reduced in project areas in Burkina Faso (5%), DR Congo (6%), Ghana (10%), Mozambique (14%), and Zambia (35%)
- 1.7 GW increased energy through renewables in the currently approved projects: 400 MW geothermal, 520 MW hydro, 550 MW wind, and 260 MW Concentrated Solar Power (CSP)
- 61,000 hectares of regenerated forest in the three countries under the FIP portfolio: 23,000 ha in DR Congo, 22,000 ha in Ghana, and 16,000 ha in Burkina Faso.
The AfDB partnership with CIF African pilot countries is part of the Bank’s strategic commitment to help African nations embed climate action as a fundamental element of their work to ensure effective poverty alleviation and sustainable development.
AfDB will publish the brochure on a semi-annual basis and will distribute the newsletter every three months to keep stakeholders and interested people in the public up to date about developments in their CIF portfolio. The Bank also produces an annual report at the beginning of every calendar year to summarize the AfDB/CIF portfolio’s status.