Combining Green Banks and National Funds to Boost Climate Financing in Africa
The African Development Bank has partnered with the Climate Investment Funds to release a scoping report highlighting the impact of combining green banks and national climate funds to accelerate green financing.
The report explores six countries, that being Ghana, Zambia, Uganda, Tunisia, Mozambique and Benin, to gain knowledge about how expanding the green bank model in Africa could build country-based green finance capacity.
Combining the green bank model with national climate change funds has the potential to scale private investment in support of climate and sustainable development goals, the report has found.
Combining the two financing mechanisms would also help direct funds to sectors where it is needed the most to mitigate climate change.
Photo courtesy of Franz Jachim.