The African Development Bank, in partnership with the Climate Investment Funds (CIF), today announced that it has commissioned the Coalition for Green Capital (CGC) to prepare a study on the creation of national climate change funds and green banks in Africa.
CGC will identify and work with six African countries to conduct feasibility studies for the project, which was initiated at the Green Bank Design Summit held in Paris in March 2019.
For details on the new project, see the full release on the website of the African Development Bank Group.
The project will build on momentum from CGC’s previous work establishing Green Banks in Africa. For more details on these efforts, see:
- CGC applauds groundbreaking agreement to fund South African Climate Finance Facility
- Rwanda Engages CGC to Develop Catalytic Green Investment Fund
For more background on the Green Bank Design Summit, see the event website and recap release from joint organzers CGC, the Rocky Mountain Institute (RMI), the Natural Resources Defense Council (NRDC), and the Inter-American Development Bank (IDB), with lead sponsor the ClimateWorks Foundation.
For more information on the successes of existing Green Banks around the world, see the Green Bank Network, which provides a venue for these institutions to work together and share information. Member institutions have recently reached a new milestone of $50 billion in total mobilized funds.