African Development Bank Group and the World Bank, have spearheaded a $75 billion multilateral Climate Investment Fund to catalyse the realisation of climate targets on net-zero emissions.
The investment is in partnership with the United Kingdom’s government.
They launched the fund, a capital market mechanism, on Tuesday in Baku, Azerbaijan. It is billed for listing on the London Stock Exchange.
This is on the sidelines of the ongoing COP29 global climate summit.
Speaking at the launch, AfDB’s President, Akinwumi Adesina, said the fund, would raise tens of billions of dollars for Africa.
Adesina said the fund would unleash the leveraging power of multilateral development institutions,
He said the CIF will support climate-resilient development in Africa and reinforce London’s growing role as a green finance centre.
Besides the AfDB President, the UK Prime Minister, Sir Keir Starmer and the President of the World Bank, Ajay Banga also graced the occasion.
The new Capital Market Mechanism, according to experts, will issue investment-grade bonds and list on the London market.
It will help fund new wind or solar farm projects in countries struggling to raise enough cash to build them.
Analysts believe hosting the fund on LSE is a powerful indication of the UK government’s commitment to mobilising climate finance needed from all sources to support developing nations.
The UK government had earlier, on Tuesday, pledged to cut its carbon emissions by 81 per cent ahead of 2035.
This is in line with the recommendations of its Climate Change Committee. (Nature)
Do you have a flair for Citizenship Journalism? Share stories of happenings in your area with TheNewsZenith on WhatsApp: 08033668669 or thenewszenithonline@gmail.com. Follow us on www.tiktok.com/@thenewszenithonline. Also, visit, subscribe and like our videos on YouTube @thenewszenithOnline
