The Board of Directors of the Green Climate Fund approved the financing of three projects submitted by the African Development Bank, for a total amount of more than $110 million. A total of 19 projects were approved by the Council, which met during the 21st edition, from October 17 to 20, 2018 in Manama, Bahrain.
The 21st Board of Directors of the Green Climate Fund (GCF), which met from the 17th to the 20th of October in Manama, Bahrain, holds out great expectations for the fight against climate change in Africa. Three projects, all led by the African Development Bank (AfDB), have received approvals for a total amount of US$ 110 million.
A climate change adaptation project in the Niger Basin
The Council approved an amount of $67.8 million for the Integrated Development and Climate Change Adaptation Programme in the Niger Basin (IPDC/NB). This includes a grant of $57.8 million and a concessional loan of $10 million. The programme is also co-financed by the AfDB, the European Union, the Global Environment Facility, the Forest Investment Programme, the Climate Investment Funds and beneficiary countries, for an estimated amount of US$ 147 million. This brings the total resources available to the program to $214.8 million.
“The multinational approach to climate change adaptation adopted by the IPDC allows the AfDB and its partner, GCF, to promote climate-resilient, low-carbon agriculture in the nine countries of the Niger Basin,” said Martin Fregene, Director of the AfDB’s Agriculture and Agro-Industry Department.
Among other things, the IPDC will strengthen the resilience of production systems for 4 million direct beneficiaries and 10 million indirect beneficiaries in the nine countries of the Niger Basin. It will also contribute to reducing greenhouse gas (GHG) emissions by about 7 million tonnes of CO2.
Solar energy and storage in Congo
A total of $28.3 million has been allocated for the Democratic Republic of Congo’s mini-green grid. The pilot project consists of three solar photovoltaic power plants equipped with storage batteries. The grant will also finance additional technical assistance to ensure the growth of mini-green networks across the country. These mini grids will provide access to clean, reliable and more affordable energy to about 150,000 Congolese living off grid, helping to save 560,000 tonnes of CO2 over the 20 years of the project’s life.
Yeleen’s solar microgrid network
The third project concerns the electrification of the Yeleen, a village located in northern Burkina Faso. An amount of $28.3 million has been approved for the construction of a 40-megawatt hybrid solar power plant, the total cost of which is estimated at approximately $62 million. It will provide 335,000 people with access to clean, constant and affordable electricity. In addition, the project will create between 200 and 700 permanent jobs. It will also contribute to an estimated GHG reduction of 390,000 tonnes of CO2 over the 25 years of the project’s life.
The FVC also approves $280 million for an AFD project in Africa
The 21st meeting of the Green Climate Fund Board also approved a $280 million participation in the Transformation of Financial Systems for Climate program, launched by the French Development Agency (AFD). The project will be implemented in 17 southern countries, including 16 in Africa (Benin, Burkina Faso, Cameroon, Côte d’Ivoire, Egypt, Kenya, Madagascar, Mauritius, Morocco, Namibia, Nigeria, Senegal, South Africa, Tanzania, Togo and Uganda). With a total budget of $750 million, this amount will be allocated to financial institutions, including banks and microfinance companies, to finance climate change-related projects by businesses, agricultural cooperatives and households. “These will include 40% projects to adapt to the current consequences of climate change, such as access to drinking water or the construction of more resilient housing, and 60% projects to mitigate climate change, particularly in the energy and transport sectors, while waste management falls into both categories,” explained Audrey Rojkoff, Deputy Head of AFD’s Climate Division, in charge of international finance.
This means that 19 new projects, representing an investment of $1,038 billion, will have been approved by the GCF. Co-financing of these projects will result in more than $4,244 million in climate financing for low-emission, climate-resilient development in the face of climate change. The fund now has a portfolio of 93 projects representing more than $4,605 million in own resources.
The Green Climate Fund is a financial mechanism of the United Nations (UN), linked to the United Nations Framework Convention on Climate Change (UNFCCC). The Green Climate Fund was created in 2009 at COP15 in Copenhagen. Its objective is to transfer funds from the most advanced countries to the most vulnerable countries in order to set up projects to combat the effects of climate change.