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AfDB receives $5 million against methane emissions – African markets

The US government has announced a $5 million grant to support the African Development Bank in tackling methane emissions. This funding will help achieve the goals of the Global Commitment on Methane in Africa.

The information was provided by the US presidential special envoy for climate, John Kerry, who announced the funding at the meeting of African ministers in Dakar.

the grant

The government of the United States of America has announced that it will provide a $5 million grant to the African Development Bank to support efforts to reduce methane emissions in Africa. Methane is responsible for about half of the increase in global average temperature since pre-industrial times.

The grant, subject to the completion of US domestic procedures and approvals, will go to the African Multi-Donor Climate Change Fund (ACCF), managed by the African Development Bank. The Fund supports a wide range of activities covering climate resilience and low-carbon growth.

The US presidential special envoy for climate, John Kerry, made the announcement during an event on the sidelines of the 18th African Ministerial Conference on the Environment, held in Dakar.

“More than 25 countries across the continent have joined the Global Methane Pledge, a resounding level of support for the importance of methane in keeping the 1.5 degree goal within reach.”

“I am delighted that the African Development Bank is responding to the growing global attention to methane emissions and plans to focus more on methane reduction in the years to come.

Said John Kerry.

additional funds

Additional funding has also been pledged by the Coalition for Climate and Clean Air (CCAC) and the Global Methane Center to tackle methane emissions in African countries.

The Global Methane Center will contribute $5 million over the next three years. The Center funds methane mitigation efforts. The Coalition, a voluntary partnership of governments, intergovernmental organizations, businesses and research institutions, will provide $1.2 million.

The Global Commitment on Methane

The Global Commitment on Methane, launched at COP26, aims to reduce methane emissions by at least 30% below 2020 levels over the next seven years.

Welcoming the contributions, the African Development Bank’s Vice President for Energy, Climate and Green Growth, Kevin Kariuki, said the Bank plans to create activities under the ACCF to support methane reduction. , and added

“With the support of the US government and other donors and non-state actors, we aim to create a dedicated pillar of activities within our African Climate Change Fund.”

“The goal is to support methane reduction, including working with countries to include methane in their Nationally Defined Contributions and developing pipelines of methane reduction projects for new investments.”

The African Development Bank will release a report on methane emissions from the energy and waste sector across Africa at the upcoming COP 27 in Sharm El Sheikh, Egypt.

“This report will provide an excellent framework for greater attention to methane emissions,” Kariuki said.

Africa Economic Outlook 2022

The African Economic Outlook 2022, a report by the African Development Bank, projects that Africa will need $1.6 trillion between 2020 and 2030 to implement its climate action commitments and NDCs.

The African Development Bank has pledged to mobilize $25 billion for climate finance by 2025; more than 50% of this funding will be allocated to adaptation projects.

The 18th session of the African Ministerial Conference on the Environment in Dakar, which lasts five days, ends on Friday 16 September. Organized by the United Nations Environment Programme, provides a forum for African environment ministers to offer policy guidance that will help strengthen Africa’s voice at COP27.

The African Climate Change Fund

The African Climate Change Fund (ACCF) was established in April 2014 to help African countries build resilience to the negative impacts of climate change and transition to sustainable low-carbon growth.

It was designed as a bilateral trust fund with an initial contribution of €4,725,000 from Germany for an initial period of three years, with the aim of transitioning to a multi-donor trust fund once at least one new donor is ready to join.

The FCCA became a multi-donor trust fund in March 2017 for an initial period of five years which expired in March 2022, with contributions from Italy, the Flemish region of Belgium, Canada and Quebec.

The duration of the African Climate Change Fund was recently extended for another five years, to 2027, and the African Development Bank has expanded its scope to meet the objectives of the Glasgow Climate Pact which include, among others , the global commitment to o Methane, to reduce global methane emissions.

The ACCF is hosted and managed by the African Development Bank and complements the Bank’s other trust funds with a scope broad enough to cover various types of activities related to climate resilience and low carbon growth.

The African Development Bank

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF).

Present on the ground in 41 African countries, with an external representation in Japan, the Bank contributes to the economic development and social progress of its 54 Member States.

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See also:

The AfDB and the importance of PALOPs in Africa

Picture: © 2022 AfDB

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