Ivory Coast To Launch $500M Green Finance Facility for Climate Action
TLDR
- Ivory Coast launches $500 million green-financing facility for climate change mitigation and resilience efforts with support from the African Development Bank and the Climate Investment Funds.
- Managed by Banque Nationale d’Investissement, the facility aims to reduce greenhouse gas emissions by one third by 2030, leveraging funds from the Green Climate Fund, Global Environment Facility, and development banks.
- Focus areas include enhancing climate resilience in agriculture, land use, and coastal regions as part of Ivory Coast's 2022 climate action plan.
Ivory Coast is establishing a $500 million green-financing facility to mobilize funding for climate change mitigation and resilience efforts.
Supported by the African Development Bank (AfDB) and the Climate Investment Funds, the facility aims to help the country reduce greenhouse gas emissions by one-third by 2030, according to an International Monetary Fund statement.
Managed by Banque Nationale d’Investissement, the facility will leverage capital from sources including the Green Climate Fund, Global Environment Facility, and development banks. The world’s largest cocoa producer seeks to enhance climate resilience in agriculture, land use, and coastal areas per its 2022 climate action plan.
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Key Takeaways
Ivory Coast’s new green finance initiative aligns with AfDB’s African Green Bank initiative, which targets increasing Africa’s share of global climate finance from 3% to 10% by 2030. This facility reflects a broader trend as African nations aim to secure funding for climate-resilient projects, focusing on sectors most vulnerable to climate change impacts. Through blended finance structures, countries like Ivory Coast are catalyzing local and international support to address pressing environmental challenges and build sustainable economies.
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