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BCP Receives a financing package of 25€ Million to support Morocco’s green transition

by Radarr Africa
written by Radarr Africa

The European Bank for Reconstruction and Development (EBRD) is joining forces with the Green Climate Fund (GCF) and the European Union (EU) to allocate a financing package of €25million to Banque Centrale Populaire (BCP) to support Morocco’s green transition and increase women’s access to climate finance.

EBRD announced today that this is the third facility it has provided to BCP under the GCF Green Economy Financing Facility (GEFF) Regional Framework.

BCP will offer sub-loans to the private sector, particularly small and medium-sized enterprises (SMEs) to encourage investment in climate change mitigation and adaptation technologies.

The EU will grant €2.7 million as a 10% cash-back incentive for borrowers on the successful completion of eligible projects.

Additionally, a €4.4 million technical cooperation package will support the project’s preparation, implementation, and overall monitoring.

Along with enhancing BCP’s capabilities, the funds will also be used to educate sub-borrowers about climate change mitigation and adaptation strategies.

The project also sheds light on women’s access to climate finance. To help address “gender-specific supply and demand challenges,” BCP central and regional staff will also receive training on “gender-responsive green finance.”

Antoine Salle de Chou, head of the EBRD’s Moroccan Resident Office, and Mohammed Kamal Mokdad, general manager of BCP, signed the loan agreement in Casablanca in the presence of Group President Mohamed Karim Mounir, as well as several of the country’s leading economic figures.

EBRD Strengthening Green Investments In Morocco
The EBRD has launched several initiatives to assist Morocco’s transition to a green economy.

Morocco is one of the nations best suited for a green revolution, the bank’s president emphasized in a previous statement, noting that EBRD’s renewable energy resources, particularly wind and solar, can help the country meet its environmental goals at a lower cost.

In May, the EBRD signed a Memorandum of Understanding (MoU) with Bank Al-Maghrib and Groupement Professionnel des Banques du Maroc (GPBM), to promote green finance and support climate and environmental risk management in Morocco.

Additionally, in an effort to aid the nation’s transition to a low-carbon economy, EBRD and Climate Investment Fund (CTF) provided €53.5 million to repower Africa’s oldest wind farm Koudia Al Baida, which is situated in the That Taghramt region near Tangier.

SOURCE: Morocco news

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BusinessEconomyFinance & ServicesKenya News

KEPSA launches a strategy For The Implementation Of Business Climate Change Solutions

by Radarr Africa
written by Radarr Africa

The Kenya Private Sector Alliance (KEPSA) has launched a strategy that aims to promote coordinated and inclusive business climate change solutions across the sector.

The Kenya Private Sector Strategy On Climate Change Solutions 2022-2030 is anchored on climate change mitigation, climate change adaptation and resilience, climate information and capacity building, and Public-Private partnership for climate change.

It aims to be a reference point for the private sector decisions on climate change in addition to providing the sector with steps towards enhancing climate change mitigation and adaptation through investment, awareness creation and channeling resources to combat climate change for business sustainability.

Speaking during the launch, KEPSA Deputy Chief Executive Officer (CEO) Martha Cheruto, noted that the private sector faces significant exposure to climate risk through its assets, operations, and supply chains and thus has considerable reasons to invest in climate risk management, to not only protect itself but also to harness new business opportunities arising from the changing climate.

ALSO READ: Kenya’s Inflation Hits 5 year high of 9.6 Pc In October

“The Private Sector Strategy on Climate Change Solutions in Kenya identifies actions that the private sector will take between 2022 and 2030 in contributing to the achievement of the government climate change targets and is positioned to be Kenya’s Business Commitment to Climate Action(B2CAK) for both Corporates and SME’s,” said Cheruto.

The strategy has incorporated approaches from different stakeholders through The Green Climate Fund (GCF) whose outcome intends to strengthen and institutionalize the private sector involvement and investment in climate change adaptation.

While delivering the keynote address on behalf of Principal Secretary (PS) Ministry of Environment and Forestry Chris Kiptoo, Director General of the National Environment Management Authority (NEMA) Mamo Boru Mamo lauded the strategy as it offers the private sector an opportunity to set institutional and strategic mechanisms to galvanize sector-wide resources toward a unified national climate change priorities approach.

“Addressing the impacts of climate change and promoting green growth, necessitates a concerted effort from both the state and non-state actors,” he said.

FAO Kenya Deputy Representative Hamisi Williams noted the adverse climatic events in the country have not only had an impact on the socioeconomic activities in the country but have also contributed to the derailing of the country’s economic development.

The launch comes ahead of the 27th session of the Conference of Parties (COP 27) to the United Nations Framework Convention on Climate Change (UNFCC) slated for November 7 to 18 in Egypt.

The convention aims to boost climate conversations, mobilize action and provide an important opportunity for stakeholders to consider emerging issues and the impact they have on climate change in Africa.

SOURCE: Capital business

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Central AfricaEnergyRwanda DailySouthern AfricaSpotlight

GCF raises $100m funding towards green development in Rwanda

by Radarr Africa
written by Radarr Africa

GCF, Green Climate Fund, has so far given $100 million funding to Rwanda for urgently needed climate action, according to Yannick Glemarec, the fund’s Executive Director.

GCF is the world’s largest climate fund, mandated to support developing countries to raise and realize their climate action plans towards low-emission, climate-resilient development.

The funding status to Rwanda was highlighted in a statement announcing that Rwanda has been selected to host the 35th Meeting of the Green Climate Fund (GCF) Board in March 2023.

The decision was announced at the recent 33rd Green Climate Fund Board Meeting in South Korea.

The meeting of the Green Climate Fund board in Kigali will take place from March13 to March 16 March 2023.

The board of the Green Climate Fund typically holds three meetings each year. The board is charged with the governance and oversight of the Fund’s management.

It was established by 194 sovereign governments party to the UN Framework Convention on Climate Change (UNFCCC).

The board is independent and guided by the Conference of the Parties (COP) to the Convention.

“We are very pleased that Rwanda will host our 35th Board Meeting in March 2023. The Green Climate Fund is a key partner of Rwanda and to date has invested over USD 100 million in the country for urgently needed climate action.” he said.

“During my recent visit to Kigali for the 26th Commonwealth Heads of Government Meeting, I witnessed how President Kagame’s leadership brought countries together and highlighted the importance of leveraging climate finance in developing countries,” he said.

I look forward to strengthening our partnership through the hosting of this Board meeting, he added.

ALSO READ: Activists demands climate funding for youth-led initiatives ahead of GCF meeting.

More than 300 people including the observers from civil society, the private sector, Nationally Designated Authorities and Accredited Entities to the GCF as well as board members are expected to attend the meeting next year in Rwanda.

Attendees will have the opportunity to witness first-hand the country’s efforts to address climate change, including through projects funded by Green Climate Fund.

Rwanda has a strong partnership with the Green Climate Fund and was the first country to have a government institution, the Ministry of Environment accredited to directly across climate finance through the fund.

“We are honored to have been chosen to host the Green Climate Fund board meeting in March next year. This decision is a vote of confidence in Rwanda’s climate action efforts, and we are excited to welcome the GCF board members as well as hundreds of experts and stakeholders to Kigali,” said Jeanne d’Arc Mujawamariya, Rwanda’s Minister of Environment.

She noted that Rwanda is working hard to become a carbon-neutral and climate resilient nation and we look forward to sharing our experience.

“Rwanda is partnering with the Green Climate Fund (GCF) on a number of climate investments,” she said.

In 2019, the Government of Rwanda secured USD 32 million from the GCF to strengthen the resilience of rural communities in Gicumbi District in the Northern Province.

In 2021, Rwanda signed a funding agreement with GCF and International Union for Conservation of Nature (IUCN) to green the Eastern Province  through climate adaptation, with a GCF contribution of USD 33.7 million and an additional USD 15.8 million in co-financing from the Government of Rwanda and project partners.

Source: The News Times

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Central AfricaEconomyRwanda Daily

Activists demands climate funding for youth-led initiatives ahead of GCF meeting

by Radarr Africa
written by Radarr Africa

Climate change activists and conservationists are calling for more funds to be allocated to youth-led initiatives geared toward environmental protection.

They also suggest for ‘big funders’ to adopt a policy of allocating a specific quarter of funds to youth.

The call was made as they reacted to the upcoming 35th Meeting of the Green Climate Fund (GCF) Board scheduled for March 2023 and will be held in Rwanda.

The Green Climate Fund is the world’s largest climate fund, mandated to support developing countries to raise and realise their climate action plans towards low-emission, climate-resilient development.

The decision for Rwanda to host the high-profile meeting was announced at the recent GCF Board Meeting in South Korea.

Speaking about her expectations from the meeting, Honorine Isingizwe, an environmentalist who is also the Executive Director at Young Volunteers for the Environment (YVE), GCF board meeting will present a unique opportunity for Rwanda but also called for the involvement of the youth in all aspects of climate planning.

“Such gatherings present a unique opportunity for the country but also for the youth. However, we wish for more youth involvement in designing and reviewing several environmental projects since they are the forefront partners in climate change. We wish to share our ideas since we are part of the future, plans made from such high profile meetings are for the future generations to implement and benefit from,” she said.

Isingizwe also pointed out that GCF has funds that can be very beneficial in mitigating climate change if the criteria of accessing the money accommodates and funds youth innovative ideas.

“We are committed and want to learn from the older generations. For that to happen, we should be brought on board as co-creators and co-partners,” she said.

More than 300 people from civil society, private sector, Nationally Designated Authorities, and Accredited Entities to the GCF as well as board members are expected to attend the meeting.

“Considering that GCF finances are allocated mainly to projects in developing countries, of which, there are many in Africa, it’s an opportunity for Africa for the board to seat in Kigali. Young people need not only to be invited but to sit at the high table where decisions are made,” said Philip Anderson Samura, a Climate Change enthusiast, who is also the Secretary-General of Fellows of Conservation Club at the African Leadership University (ALU).

He added that 70 per cent of Africa’s population are young people and they are the custodians of innovative projects that mitigate climate change. 

“However, it’s the young people in conservation that are still challenged with climate funding. GCF board should take a firm decision on allocating a significant quarter of their finances to indicative projects run by youth.”

Attendees will have the opportunity to witness first-hand the country’s efforts to address climate change, including through projects funded by Green Climate Fund.

ALSO READ: PM to launch construction of multi-million plant.

Emmanuel Sindikubwabo, the Executive Director of WE DO GREEN and climate change activist said, “GCF board will offer us an opportunity to network and learn from advanced environmentalists.”

Rwanda has a strong partnership with the Green Climate Fund and was the first country to have a government institution, the Ministry of Environment, accredited to directly access climate finance through the fund.

According to Alain Shimirwa, a climate science researcher and clean energy specialist, “as youth climate activists, the meeting will provide opportunities to present our climate projects. To some of us with start-up projects in conservation, we shall showcase what we do but also push for the financing of start-ups since it remains our biggest challenge.”

In a statement posted on the Ministry of Environment website, Minister Jeanne d’Arc Mujawamariya expressed delight in hosting the meeting saying that the decision to bring the meeting, “is a vote of confidence in Rwanda’s climate action efforts, and we are excited to welcome the GCF board members as well as hundreds of experts and stakeholders to Kigali. Rwanda is working hard to become a carbon-neutral and climate resilient nation and we look forward to sharing our experience.”

According to the Ministry of Environment, Rwanda is partnering with the Green Climate Fund on a number of climate investments. In 2019, the Government of Rwanda secured US$ 32 million from the GCF to strengthen the resilience of rural communities in Gicumbi District in the Northern Province.

In 2021, Rwanda signed a funding agreement  with GCF and IUCN to transform the Eastern Province through climate adaptation, with a GCF contribution of US$ 33.7 million and an additional US$ 15.8 million in co-financing from the Government and project partners.

“We are very pleased that Rwanda will host our 35th Board Meeting in March 2023. The Green Climate Fund is a key partner of Rwanda and to date has invested over US$100  in the country for urgently needed climate action,” said GCF Executive Director Yannick Glemarec in a statement.

He said, “During my recent visit to Kigali for the 26th Commonwealth Heads of Government Meeting, I witnessed how President Kagame’s leadership brought countries together and highlighted the importance of leveraging climate finance in developing countries. I look forward to strengthening our partnership through the hosting of this Board meeting.”

The board of the Green Climate Fund typically holds three meetings each year. The board is charged with the governance and oversight of the Fund’s management. 

It was established by 194 sovereign governments’ party to the UN Framework Convention on Climate Change (UNFCCC). The board is independent and guided by the Conference of the Parties (COP) to the Convention.

Source: The News Times

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