25 March 2021
The African Development Bank has partnered with the Climate Investment Funds to release a scoping report highlighting the impact of combining green banks and national climate funds to accelerate green financing.
The report explores six countries, that being Ghana, Zambia, Uganda, Tunisia, Mozambique and Benin, to gain knowledge about how expanding the green bank model in Africa could build country-based green finance capacity.
Combining the green bank model with national climate change funds has the potential to scale private investment in support of climate and sustainable development goals, the report has found.
Dorsouma Al Hamdou, the acting director for climate change and green growth at the African Development Bank, said: “Innovative green finance could play a key role in Africa’s economic recovery from the COVID-19 pandemic, to build resilience and grow jobs,
“As we look towards what will be needed to progress from emergency aid relief to medium- to longer-term measures to build resiliency and re-grow developing economies, the role of catalytic, innovative finance capacity to support sustainable infrastructure and social investment through mobilising public and private resources will be essential.”