On the sidelines of the recently concluded African Development Bank (AfDB) Finance in Common summit in Abidjan, Ivory Coast, the Global Centre for Adaptation (GCA) and US-based asset management company Invesco have signed an agreement to mobilise funds for climate projects in Africa.
Private sector investment currently accounts for less than 2% of climate resilience spending in the world. In response, the Global Centre for Adaptation (GCA) is partnering with the Atlanta-based asset management company Invesco in the United States of America. This partnership aims to mobilise the private capital needed to finance climate projects on the African continent.
Invesco is a member of the Climate Disclosure Task Force (CDTF) and operates in 20 countries. This global platform is made up of 238 companies, including 150 financial institutions representing a market capitalisation of $6 trillion in climate finance in developing countries, particularly in Africa.
Among those most affected by the effects of climate change on the continent are Ivory Coast, Niger and Benin. Since the beginning of 2022, these West African countries have been experiencing floods and droughts with negative consequences for biodiversity and the livelihoods of (mostly rural) populations.
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Against this backdrop, the GCA announced in June 2022 that it would contribute to the development of resilient urban infrastructure and a climate finance programme tailored to the environmental challenges of African cities in order to stimulate sustainable economic growth on the continent by 2025. The initiative, which is part of its bold African Adaptation Acceleration Programme (AAAP), will support investments in sustainable agriculture, technology and innovation.
Benoit-Ivan Wansi
