Exclusive: AfDB enrolls Kenya, 4 national banks in COP27 green banking fund

By Anne-Marie Bissada
Posted on Monday, 7 November 2022 23:29, updated on Tuesday, 8 November 2022 11:35

Africa Pavillion co-shared by AfDB at COP27 in Sharm el-Sheikh, Egypt. (photo: @AfDB_Group)

Locally based financing systems - or green banks - can provide a homegrown solution to Africa's climate funding obstacles, says the African Development Bank (AfDB), beginning with a pilot project that includes the Kenyan government and four national banks.

The just-started COP27 UN climate change confererence is being billed as the conference for Africa given Egypt is hosting. One major issue on the table is funding: Who will foot the bill for climate adaptation and mitigation projects? Waiting for the West to come through with much-needed funding has proven disappointing, and leaves Africa in a vulnerable position.

“We [Africa] have the solutions” Audrey Yamadjako, senior principal climate officer at the AfDB and coordinator of this initiative, tells The Africa Report on the sidelines of COP27 in Sharm al-Sheikh.