Green finance to save Africa – ERA ENVIRONNEMENT
A month after COP 27, as the UN Biodiversity Conference talks continue in Montreal, African finance experts are organizing responses to the climate finance shortfall.
By Houmi Ahamed-Mikidache
In Lome, the African finance newspaper, Financial Afrik organized a conference this Thursday on the understanding and challenges of green finance.
Seini Nafo, climate ambassador, spokesperson for the African group of negotiators of the United Nations Framework Convention on Climate Change and speaker at the conference in Lomé, recalls: “Successful countries have quantitative goals, have a multidisciplinary team and have mastered the English language. And to continue: “it is also important to have a financial strategy that connects all the points: the green fund for the climate, the fund for the global environment and the adaptation fund that forms the base of the pyramid: the second floor. Development banks, BOAD (West African Development Bank), EIB (European Investment Bank), your capital markets are slightly higher, consisting of the World Bank, which is climate finance with energy targets and adaptation to climate change, the carbon market, philanthropy, higher, you money creation, green quantitative easing (quantitative easing) to accelerate the energy transition and climate change for the African negotiator, it is important to integrate all sources of finance, but also actors, in other words, supply and demand. “It is important to look more closely at the private sector, communities and local governments, because the projects to be included and the financing conditions are different,” he noted. does.
The solution for the African negotiator is to have institutions and people who understand climate finance on a day-to-day basis and connect supply and demand. “We need market players, project developers, investment banks, investment bankers for climate: this is a class that does not exist on the continent,” he said.
Forum on sustainable development financing
In Nairobi, the Trade and Development Bank of Eastern and Southern Africa (TDB), a regional development finance institution established in 1985 to finance and promote trade in infrastructure projects, will from Thursday become the “Trade and Development Bank” (TDB) with the European Bank (BEI). organizes a forum with financing sustainable development.
“This year’s forum aims to discuss best practices and improve targeted investments that are critical to addressing issues such as drought and extreme weather events, including energy shocks, as well as food security in the region,” said Thomas Ostros. European Investment Bank (EIB). And to conclude: “ADB and TDB are committed to working closely with their financial partners to identify challenges, share solutions and enrich specialized financial expertise that can enhance the impact of private investment in East Africa. ‘East. »
Now in its fifth edition, the forum is mainly dedicated to responding to the challenges of climate change and focuses on improving financing and climate resilience, with a view to unlocking investments to better respond to socio-economic and climate challenges in East Africa.
Official presentation of the parametric insurance product
In West Africa, the Pan-African Risk Management Reciprocity (ARC) today announced the official launch of a parametric insurance product against high-impact epidemic risks, with Senegal as the first African country to join this new innovative financing mechanism. .
This information follows a request by African finance ministers in 2015 that the ARC develop a product to meet the urgent financial needs of countries to prevent the spread of high-impact infectious diseases and complement the efforts of the Central African Center for Disease Prevention and Control (Africa CDC). ). Two years ago, a parametric insurance policy against extreme weather events was created in East Africa. How is the evaluation of this insurance policy in the region? Does the African population and the private sector have easy access?