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CLIMATE FINANCE IN AFRICA

Despite its limited contribution to global greenhouse gas emissions, the African continent is highly vulnerable to the negative impacts of climate change. Progress is being made globally towards mobilising and scaling up climate finance – notably with the recent establishment of the Green Climate Fund (GCF). However, the amount of climate finance flowing to the African continent remains below the estimated needs and the continent continues to receive a relatively small share of global climate finance disbursements compared to other regions. Several factors contribute to African countries’ limited access to climate finance to date, including a weak enabling environment to attract climate investment; limited institutional capacity to access and manage finance and to develop bankable climate projects; as well as cumbersome processes and requirements of international funds and institutions. In recent years, there has been growing recognition of the importance of preparatory or “readiness” activities that help countries to strengthen their capacities and enabling environment to access and mobilise climate finance.

 

Africa Climate Change Fund

The Africa Climate Change Fund(ACCF) supports African countries in building their resilience to the negative impacts of climate change and transitioning to sustainable low-carbon growth. Established in 2014 as a bilateral thematic trust fund with an initial contribution of EUR 4.725 million from Germany, the ACCF is hosted and managed by the Environment and Climate Change Division of the African Development Bank (AfDB), and implemented in collaboration with other Bank departments.

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