The Africa Climate Change Fund, a new established fund managed by the African Development Bank (AfDB) has approved its first two projects in the last month. Both projects are focused on climate change and how best Africa can become resilient through developing the nation.
The Africa Climate Change Fund projects
The one project is focused on Mali in West Africa. It will provide the country with support through preparatory funding to advance its low-carbon, climate resilient development plan.
The second project will facilitate building and strengthening data and information on climate change vulnerabilities and opportunities for 54 African countries, the African Development Bank said in a statement.
Alex Rugamba, Director of the Bank’s Department of Energy, Environment and Climate Change said: “The approval of the first two projects marks a significant milestone for the ACCF, which is an important instrument in helping African countries to access climate finance to enable a transition to climate-resilient, low carbon development.”
Project in Mali
The Africa Climate Change Fund will provide the government of Mali with a $404,000 grant to develop strategic programmes for a climate resilient and green economy in two key sectors.
In addition, the grant will cover the development of a strategic plan for financing its transition to green and climate resilient growth as well as to attract private sector investment in this transition.
The AfDB said that The Africa Climate Change Fund grant is “expected to be complemented by support from other funders including the Green Climate Fund’s readiness programme in order to advance a coordinated, programmatic approach to preparing the ground to achieve its ambitious goals.”
Africa project plans
The AfDB has issued a second grant worth $420,000, which will be put towards ensuring that current information on climate change vulnerabilities, greenhouse gas emissions, and opportunities for climate change adaptation and mitigation is produced for 54 African countries.
In addition, the information will be tailored to the specific information needs of each country, the bank added in a statement.
The bank explained: “It will further develop a global platform for sharing and updating the information in the profiles, and provide training for staff of economic and planning departments in African countries to understand and apply the data.
“The project will equip African countries with strengthened data and capacity to strategically plan for long-term climate change interventions and to access international climate finance.”