Banks have a reputation for being too greedy for the good of anyone outside themselves; however, some banks are thinking in the long term. The African Development Bank has announced a partnership with Green Climate Fund to push renewable energy and resilient systems. They figure that Africa is the best part of the world to achieve a sustainable economy because of the increasing investment in the continent and the ability to ‘leap frog’ older energy technology.
Together with the Green Climate Fund, we can do a lot to move the continent towards low-carbon and climate-resilient development.”
Approved as a GCF Accredited Entity in March 2016, AfDB is working on a series of mitigation and adaptation initiatives at the national and regional levels designed to enhance African countries’ access to GCF resources.
GCF Executive Director, Howard Bamsey said GCF’s partnership with AfDB will be key in unlocking the potential across the African continent to pursue climate resilient and low-emission growth.