AfDB to enhance private sector participation in climate change, green investment in Africa

Abidjan, Cote d'Ivoire (PANA) - The Climate Change and Green Growth Department of the African Development Bank (AfDB), with the global infrastructure firm, Stantec, will host a consultation workshop on enhancing private sector participation in climate change and green investment in Africa.

According to the AfDB media channel, the virtual workshop will take place on Thursday, 25 June, 2020, in the bank's headquarters in Abidjan, Cote d'Ivoire.

It said the workshop will present key findings on opportunities and challenges in climate change investment, in alignment with Nationally Determined Contributions (NDCs) in Africa, more specifically, in six pilot countries: Egypt, Morocco, Angola, Mozambique, Nigeria and South Africa.

Since 2015, 54 African countries have signed the Paris Agreement on climate change while at least 44 of them have submitted their NDCs, committing to keeping global warming below 2°C.

In Africa, it is estimated that the implementation of NDCs will cost about US$3 trillion by 2030.

All projections indicate that about 75% of this cost will come from the private sector.

The participation of the private sector in climate action in Africa needs to be supported and guided towards opportunities for green investments on the continent.

The workshop will emphasize priority options and models to support NDCs-aligned private sector investments by presenting scoping studies in the six pilot countries and elsewhere on the African continent.

Anthony Nyong, Director for Climate Change and Green Growth, and Al-Hamndou Dorsouma, Manager of the Climate Change and Green Growth Division, will open the session.

The meeting will gather the Bank’s country managers, key stakeholders from the private sector, public body representatives, and academics to build the momentum to scale up climate finance on the continent.

-0- PANA VAO 23June2020