The African Development Bank (AfDB) Group has amended the multi-donor agreement for the African Climate Change Fund (ACCF) to broaden its scope of action and strengthen its rapid response, the bank reports in a press release published Monday, October 31 on its website.
The decision was taken on October 21, 2022, in Abidjan, by its Board of Directors. These amendments “will enable the Bank to support the increased ambitions of the parties expressed in the Glasgow Climate Pact and the ongoing negotiations under the Paris Agreement and the Conventions on Biological Diversity and the Fight against Climate Change. desertification”, explains the acting director of the Department of Climate Change and Green Growth at the AfDB, Al Hamndou Dorsouma, quoted in the document.
“They also align with the Bank’s policy on trust funds and its policy on climate change and adaptation and green growth,” he continues.
According to the press release, the amendments broaden and strengthen the objectives of the Fund, as well as its beneficiaries. Now, in addition to African governments, non-governmental organizations, local communities, funds, research institutes and regional institutions, as well as private companies can benefit from donations from the Fund. Grants can be granted to private sector operators when the projects have exemplary value or when, for example, the activities are new, semi-commercial and require significant development work.
Areas of intervention include preparing for climate finance, mainstreaming climate change and green growth, preparing and financing adaptation and mitigation projects and programs under National Determined Contributions (NDC), capacity and institution building, preparation of low carbon and climate resilient strategies and policies, and analytical work related to climate finance and green growth.
The text also emphasizes that the fund can also be requested in the context of initiatives arising from commitments made under the Paris Agreement, the Glasgow Climate Pact or others resulting from the Convention- United Nations Framework on Climate Change, the United Nations Convention to Combat Desertification and the United Nations Convention on Biological Diversity, when it comes to climate adaptation and mitigation effects.
All these changes will enable the Fund to help the Bank implement its policy, strategy and action plan in the fight against climate change and green growth. It reflects the increased importance given to climate finance and the commitments made at COP26.
The Africa Climate Change Fund was established in April 2014 to help African countries build resilience to the adverse effects of climate change and transition to sustainable low-carbon growth.
By OMA Newsletter N° 921 of 01/11/2022
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
