Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
Africa

AFAC launches new blueprint to improve private funding for climate action in Africa

by By Matthew Eloyi November 30, 2022
written by By Matthew Eloyi November 30, 2022
599

The African Financial Alliance on Climate Change (AFAC) has launched a new blueprint for 2030 that places a focus on raising money and developing resources to achieve the Paris Agreement objective.

The new vision, which mainly focuses on aligning financial flows with achieving greenhouse gas emissions and climate-resilient development by 2030, was unveiled on the sideline of the recently held global climate summit (COP27) in Egypt.

It suggests improvements in areas like leadership awareness, data access, regulation of climate risk, management of climate risk, and green finance.

Participants at the event included representatives from financial institutions, countries, the Global Centre on Adaptation, and the African Development Bank.

Read also: UN says more 3bn people face inadequate access to water globally

Speaking during the launch, IFRS Sustainability Board member, Dr Ndidi Nnoli-Edozien, said “The suggested changes should be made fast and returned for approval. We need speed to act. We do not have time.”

Also speaking, Kevin Kariuki, African Development Bank Vice President of Power, Energy, Climate and Green Growth, noted that climate has been largely financed by the public sector.

“There are enough calls to mobilize these finances through the private sector. AFAC is a channel that can mobilize climate finance from the private sector once these changes are finalized,” he added.

The strategy also identified three major obstacles that must be overcome: the dearth of data that can be used to evaluate financial risk, the inadequacy of internal resources at national central banks to level the playing field between the public and private sectors, and the requirement to regularize and harmonize with international standards and practices.

Story was adapted from AfDB.

AFACAfricaBlueprintClimate Action
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
UN says more 3bn people face inadequate access to water globally
next post
Zespri releases plan for adapting to climate change

Related Posts

African climate change projects secure major funding

October 22, 2025

Report: A fifth of migratory species face extinction...

October 7, 2025

Stakeholders seek integration of climate change into national...

October 7, 2025

At the 2nd Climate summit Africa mobilizes for...

September 19, 2025

AfDB sets aside $40m to drive AGIA green...

August 18, 2025

Report: African cities move to address carbon-neutral development

August 13, 2025

Researchers warn Africa could face 113 million climate...

May 23, 2025

Stiell says new NDCs are about growth, antidote...

May 21, 2025

AFDB, others move to address climate change

May 17, 2025

Report shows 2024 as hottest in Africa, warns...

May 12, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World