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PRESS RELEASE
AfDB continues to support low-carbon development pathways for Africa
AfDB, co-organizer of the 5th Africa Carbon Forum in Abidjan, Côte d’Ivoire
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Over 400 participants took part in the three-day program opened by Daniel Kablan Duncan, Prime Minister of Côte d’Ivoire, who expressed his support for low carbon development as a viable option for his country.
“To date Africa has the lowest number of registered CDM projects representing a little more than two percent of the overall registered CDM projects worldwide and is not sufficient,” said Kurt Lonsway, Manager of the Energy, Environment and Climate Change Department at the African Development Bank. He added: “We hope that continuation and strengthening of CDM will facilitate the participation of many more on the continent.” During the first Plenary Session on CDM: Achievements and Lessons Learned; The Future of the Mechanism moderated by Lonsway, he polled the audience twice on whether they felt that the CDM had a future in Africa. Just over half were positive demonstrating that important improvements will be required to reduce transaction costs and simplify requirements for African countries to access the mechanism.
The AfDB has embarked on an ambitious program at powering a low-carbon pathway in Africa. Through the Energy, Environment and Climate Change Department, the Bank serves as a platform to deliver advisory services necessary to mobilize transformative environment and climate finance, including helping countries and project gain access to carbon markets. Funds channeled through financing windows such as the Climate Investments Funds (CIF), the Global Environment Facility (GEF), a recently created Sustainable Energy Fund for Africa (SEFA), the first phase of African Carbon Support Programme (ACSP), and the new Africa Hub of the Sustainable Energy for All Initiative (SE4ALL) are directly invested to support the transport, communications, agriculture, water and energy sectors. The goal is to ensure that climate finance effectively reaches the continent and is tailored to Africa’s needs.
During the 5th Africa Carbon Forum, the latest developments of the regulatory framework, including possible new market-based mechanisms to enhance the cost-effectiveness of climate mitigation actions, were discussed and debated. Diverse mitigation instruments such as domestic cap-and-trade, low-emission development strategies and nationally appropriate mitigation actions were highlighted. The Forum also stressed the growing interest in low-carbon development finance opportunities and the commitment of the development partners to support them on the continent.
Distributed by the African Press Organization on behalf of the African Development Bank (AfDB).
Technical contact: Uche Duru +216 71 10 38 17 – u.duru@afdb.org
Media contact: Penelope Pontet +216 71 10 19 96 / +216 24 66 36 96 – p.pontetdefouquieres@afdb.org
For more information on our activities, please visit the AfDB website: www.afdb.org
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