|
Listen to this story:
|
The ACCF is a multi-donor trust fund that backs the African Development Bank Group’s target of tripling its climate financing and advancing Africa’s climate resilience
Ireland and Austria have joined the African Development Bank’s Africa Climate Change Fund (ACCF) with contributions of €2 million and €1 million, respectively, to support the Fund’s work.
The ACCF is a multi-donor trust fund that backs the African Development Bank Group’s target of tripling its climate financing and advancing Africa’s climate resilience.
Harald Waiglein, Director General at Austria’s Federal Ministry of Finance, expressed his country’s commitment to tackling climate change with a strong focus on adaptation.
In a letter to the Bank, Waiglein said, “the Federal Ministry of Finance of Austria decided to contribute to the ACCF to support activities of the Africa NDC Hub, including the development and update of Nationally Determined Contributions and Long-Term Climate Strategies of African countries.”
“We consider these strategies essential to combat climate change and further sustainable development,” he added.
Sean Fleming, Ireland’s Minister for International Development and the Diaspora, said, “Ireland is committed to supporting communities across Africa to deal with the impacts of climate change.”
Fleming said that a focus on adaptation and support to African countries continues to be at the core of Ireland’s engagement in climate action. He added that Ireland plans to more than double its climate finance to developing countries by 2025.
See related article: Diligent Report: 79% of Directors in Ireland Do Not Integrate ESG Metrics into Executive Directors’ Compensation
“This contribution to the ACCF has a strong focus on climate adaptation and is another indication of how Ireland supports the drive for a climate-resilient Africa,” Fleming said.
Professor Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank welcomed Ireland and Austria as donors to ACCF.
“These new funds will enable the ACCF to support the preparation and strengthening of NDCs and Long-Term Strategies in African countries and to support projects already identified through ACCF’s third call for proposals,” Nyong said.
The two countries joined the Fund in late 2022, bringing its current donors to seven. The other donors are the Government of Italy; the Government of Flanders (Belgium); the Government of Quebec (Canada); Global Affairs Canada; and the Global Center on Adaptation.
The African Development Bank established the Africa Climate Change Fund in April 2014 with initial financing of €4.725 million from Germany. Its mission is to support African countries in building their resilience to the negative impacts of climate change and transition to sustainable low-carbon growth.
The ACCF was converted to a multi-donor trust fund in 2017 with contributions from the governments of Flanders, Belgium, and Italy. The current value of the trust fund is $28.8 million.
Since its inception, the Fund has approved 27 grants worth $16.89 million and completed seven projects that have helped build capacity to access international climate finance in over 26 African countries. ACCF projects have also enabled countries to mobilize climate finance and implement small-scale adaptation strategies to enhance climate resilience.
The ACCF supports projects through competitive calls for proposals and a demand-driven window. These new funds will be channeled via these windows.