The Glasgow Financial Alliance for Net Zero (GFANZ), a coalition of financial institutions, and the African Development Bank, have announced a new partnership to accelerate Africa’s just transition to net zero emissions.
According to a statement from the African Development Bank, the GFANZ Africa Network and the African Financial Alliance on Climate Change, will mobilise and align Africa’s financial ecosystem for climate action by supporting countries to develop enhanced Nationally Determined Contributions and long-term net zero strategies.
The partnership will also strengthen capacity against climate risk. It is set to encourage disclosure among African financial institutions and accelerate the growth of carbon markets and instruments like green and transition bonds.
Dr Akinwumi Adesina, President of the African Development Bank Group, said: “African financial institutions have a critical role to play in the global transition. Close collaboration and mutual knowledge sharing is essential for ensuring that finance flows at the scale and pace needed.”
Michael R. Bloomberg, GFANZ Co-Chair and UN Special Envoy for Climate Ambition and Solutions, said: “This partnership with the African Development Bank will help more African financial institutions support the expansion of clean energy and create more sustainable growth across the continent.”