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IFC - International Finance

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Africa climate business Forum held in Nairobi

The Africa Climate Business Forum brought together more than 100 participants, including government and business leaders as well as multilateral financial institutions from across the continent, to review ways to meet Africa’s climate finance gap. In his opening remarks, Mary Porter Peschka, the regional director for Eastern Africa at the International Finance Corporation (IFC) which is the private sector arm of the World Bank Group, said Africa needs 190 billion U.S. dollars a year between now and 2030 to fund climate change mitigation measures and another 50 billion dollars annually by 2050 to finance adaptation measures. β€œWe need to inspire different stakeholders, both local and international, because no institution alone can provide the climate finance Africa needs,” Peschka said. She noted that the IFC is supporting Africa to expand its pool of climate finance through investing in green bonds whose proceeds will fund viable green projects. Jamie Fergusson, the global director for climate business at the IFC, said Africa has enormous renewable energy sources such as geothermal, wind, and solar, which can attract climate finance into the continent. Fergusson revealed that the continent also requires policy and regulatory reforms that will spur the private sector to make investments in projects that are environmentally sustainable.https://www.capitalfm.co.ke/business/2023/11/experts-meet-in-kenya-to-hasten-africas-transition-to-low-carbon-economic-growth/?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=experts-meet-in-kenya-to-hasten-africas-transition-to-low-carbon-economic-growth

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  • winnie nguru

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    32 w

    This was a great event

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    • George Kariuki

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      35 w

      The Africa Climate Business Forum is an important step towards helping Africa achieve its sustainable development goals and create a more sustainable future for its people.

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      • Rashid Kamau

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        36 w

        With such an essential meeting,we believe the outcome will be of great deed.

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        • Abraham Jok Atem

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          36 w

          I'm really impressed to see such events being conducted. This is the only way to remedy Climate change

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          • CHRIS NGATIA

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            36 w

            Great ... We are waiting for the results of the meeting

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            • rosebellendiritu

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              36 w

              Great worthy meeting,we are anticipating for the outcome

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              • Princess

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                36 w

                Such a positive and essential event.

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                • Rukia Ahmed Abdi

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                  36 w

                  The Africa Climate Business Forum in Nairobi serves as a critical platform for addressing Africa's climate finance needs. With more than 100 participants, including government and business leaders, it emphasizes the urgency of securing funding for climate change mitigation and adaptation on the continent. The call for $190 billion annually by 2030 and $50 billion by 2050 highlights the scale of the challenge, requiring collaborative efforts from both local and international stakeholders. Initiatives like green bonds and the vast renewable energy potential in Africa offer hope for attracting climate finance and transitioning toward low-carbon economic growth. Policy and regulatory reforms are essential to encourage private sector investments in sustainable projects, emphasizing the role of proactive governance in addressing climate change.

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