The African Development Bank (AfDB) in conjunction with UNFCCC and West African Development Bank (BOAD) convened the ECOWAS Green Investment Round Table recently at the AfDB Headquarters in Abidjan, Cote d’Ivoire, aimed at catalyzing and launching a program of work initiatives that promote private sector finance and investment opportunities in the energy sector in the West African region.
According to a dispatch, the meeting focused on catalyzing green investments to meet objectives of the Paris Agreement and Sustainable Development Goals (SDGs).
Speaking in separate remarks, were Ivorian Minister of Safety, Environment and Sustainable Development, Anne Désiree Ouloto; and AfDB Vice President for Power, Energy, Climate Change and Green Growth Sector Complex, Amadou Hott.
She said that the round table meeting was timely in addressing challenges related to sustainable development. She added that financing climate change through investments that target reduction of greenhouse gases and overexploitation of natural resources would help vulnerable nations with mechanisms and instruments that are relevant, effective and accessible.
She disclosed that Côte d’Ivoire supports such initiatives, saying that the round table presents a good opportunity to share ideas and experiences in green investment finance in West Africa and also stimulate other financial institutions and banks to engage in transition towards green economy. Also addressing the participants, the Vice-President of AfDB Amadou Hott stressed the need for new models of financing to achieve climate-compatible development.
He added that the challenge of achieving climate-compatible development requires USD 1.5 trillion per annum. He added that US$700 billion is already flowing annually, leaving a climate investment gap of US$800 billion.
For his part, AfDB’s Director for Transformative Energy Partnerships, Astrid Manroth presented the AfDB Co-guarantee facility. Other presentations included West African Development Bank (BOAD) Green Bonds Initiative and Renewable and Efficient Energy (REEF) Fund as a component of global climate change funding mechanism which is de-risking instruments aimed at fostering green investment in Africa.
Participants at the meeting agreed to hold the next meeting in mid-September 2017, to be hosted by the West African Development Bank (BOAD) in Lome, Togo. The ECOWAS platform on finance for climate will be launched at COP 23, in November 2017.
The meeting attracted more than 35 participants including representatives from UNFCCC, ECOWAS Centre for Renewable Energy and Energy Efficiency, FONSIS, GuarantCo, West African Development Bank (BOAD), Bouygues, Sunu, a leading insurance company, and the Bourse Régionale des Valeurs Mobilières.
The meeting comes at a time when countries across Africa are working towards diversifying their economies, to encourage investment and move beyond dependence on low value-added commodity exports and achieve the Sustainable Development Goals (SDGs). –Press release