Africa Climate Change Fund Grants Nearly $1 Million to Support Access to Climate Finance in Benin and Lesotho
The project proposal, approved in September, has been designed with the goal to improve the climate resilience of communities and local economies by increasing investments in climate change adaptation in target areas
The ACCF is an enabler fund which creates institutional capacity for recipient countries or institutions to access climate finance
The Africa Climate Change Fund (ACCF) (http://bit.ly/34JgdzF) has approved a project proposal for a total of $997, 524 to support Benin and Lesotho to access international climate finance, an initiative underpinned by evidence that adaptation to climate change must start locally.
While local responses can create opportunities for innovative solutions, most local governments in least developed countries lack the institutional, technical and financial capacities to contribute to building resilience. Benin and Lesotho are two African countries which face such challenges and need more local-level investments to undertake measures to enhance water retention, promote more resilient farming and irrigation methods and climate-proof existing infrastructure such as water wells, bridges and rural roads.
The project proposal, approved in September, has been designed with the goal to improve the climate resilience of communities and local economies by increasing investments in climate change adaptation in target areas. Specifically, the project seeks to support (i) development of high quality, bankable projects aligned with African countries’ Nationally Determined Contributions (NDCs); (ii) identification and strengthening of national institutions and stakeholders to access the Green Climate Fund (http://bit.ly/2Y7prTY) and lastly, (iii) small–scale or pilot adaptation initiatives targeting vulnerable communities. On completion, the project will increase local governments’ access to climate finance to implement climate change adaptation investments in Benin and Lesotho, through internationally recognized mechanisms.
The project will be implemented by the United Nations Capital Development through its Local Climate Adaptive Living Facility (LoCAL) (http://bit.ly/2Dzv97M) programme.
Naida Mohamed, ACCF Coordinator, said the approval was “an opportunity to expand the ACCF’s geographic reach and field of intervention and is in line with the Fund’s overall goal to address climate change challenges facing the African continent ”.
The ACCF is an enabler fund which creates institutional capacity for recipient countries or institutions to access climate finance. This project aligns with the African Development Bank’s Strategy 2013-2022 (http://bit.ly/2DzAHz0) and Climate Change Action Plan 2011-2015 (http://bit.ly/2rRszqT) and demonstrates how ACCF finance helps Regional Member Countries find financing through domestic sources or externally towards enabling their transition to climate resilient, low-carbon development.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
African Development Bank
Communication and External Relations Department
African Development Bank
About the African Development Bank Group:
The African Development Bank Group (http://www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: http://www.AfDB.org