The African development bank has launched the Africa Circular Economy Facility, in a move to help African countries mitigate the challenges of climate change and put them on a path of sustainable growth and development.
The launch of the facility which took place at the just concluded AfDB’s Annual Meeting in Accra, Ghana, is a multi-donor trust fund supported by the Government of Finland and the Nordic Development Fund.
Speaking during the launch, vice-president for power, energy, climate change, and green growth at the AfDB, Kevin Kariuki said that the facility is the bank’s first dedicated trust fund to support circular economy innovations and policy frameworks.
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According to reports, the facility supports the African Circular Economy Alliance – a government-led coalition of African nations that works to spur Africa’s transformation into a circular economy that delivers economic growth, jobs, and positive environmental outcomes.
“The circular facility model aims to promote responsible production and consumption through minimising climate change challenges. Extraction and processing is an underlying cause for biodiversity loss,” Kariuki said. “It helps Africa align to the path that helps Africa transition to green growth and jobs,”.
According to him, the facility is a way of building adaptation to the impact of climate change by ensuring sustainability in production, noting that adaptation and building resilience is of paramount importance to the continent.
Story was adapted from Business Day.
