On Tuesday, the AfDB stated that this conversion brings two new partners to the Fund, the governments of Italy and Flanders (Belgium), who are contributing €4.7 million ($5 million) and €2 million ($2 million), respectively.
The Bank highlighted that the development now further opens the door to new partnerships with other donors interested in supporting African countries in their transition to low-carbon, climate resilient development and green growth. Read more…
The ACCF was established in 2014 with €4.725 million ($5 million) from the government of Germany.
German funding initiative
The Federal Ministry for Economic Cooperation and Development (BMZ), the founding donor of the ACCF, expressed pride that the Fund has achieved a milestone by attracting other donors.
BMZ further showed its gratitude to the German Development Agency (GIZ) for executing the agreement on its behalf. Read more…
Director of AfDB’s Climate Change and Green Growth Department, Anthony Nyong, commented: “The ACCF plays an important role in supporting African countries to scale up their access to climate finance to advance the ambitious targets they have set in their Intended Nationally Determined Contributions (INDCs).
“The contributions of Italy and Flanders are testament to the good work that the Fund has done so far, and the potential that exists to scale it up.”
Nyong added: The partnership with our donors will be instrumental in scaling up the Bank’s climate finance to advance climate resilient, low carbon development across the continent.”
The AfDB cited recent study by the Climate Policy Initiative, which indicates that only 3% of the global climate finance currently flows to Sub-Saharan Africa, despite the statistic that region is the most vulnerable to climate change.
Simon Calcoen of the Flanders Department of Foreign Affairs stated that “the government of Flanders is convinced that the ACCF is key to resolving the current tension between unmet climate needs in Africa and available international climate finance.”