Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News Business News

AfDB to assist West African countries deliver on carbon emission reductions

Johnson Uche by Johnson Uche
February 9, 2021
in Business News
Akinwunmi Adesina, Afdb, Africa’s GDP could fall by 3.4% in 2020 if COVID-19 continues – AFDB

Akinwumi Adesina, President AfDB

Share on FacebookShare on TwitterShare on Linkedin

The African Development Bank (AfDB) is strongly committed towards extending financial support to the West African countries in meeting their Nationally Determined Contributions (NDCs) targets under the Paris climate accord.

According to the press release by the bank, this support involves the bank underwriting to prepare concept notes that would explore the use of internationally transferable mitigation outcomes (ITMOs) in selected West African countries.

According to Gareth Phillips, Manager of Climate and Environment Finance at the African Development Bank:

“This intervention will put in place a robust platform, including processes, procedures and structures that will ensure real and practical participation of the West African sub-region in the use of ITMOs to deliver some of their NDC aspirations. It will form the basis for the replication of these activities in other African countries.”

READ: AfDB, Afreximbank and FCI partner to support emerging factoring firms in Africa

What you should know

  • The project is financed through the African Climate Technology and Finance Center and Network (ACTFCN), a Bank-managed initiative that draws on funds from the GEF Trust Fund and the Special Climate Change Fund.
  • ACTFCN aims to support sub-Saharan African member countries in scaling-up the deployment of low-carbon and climate-resilient technologies for climate change mitigation and adaptation.
  • This initiative is expected to assist the governments in developing the requisite technical capacity and institutional infrastructure that would enable the private sector to access new sources of climate finance as well as promote new financing mechanisms for energy efficiency and mitigation projects.
  • The ITMOs promote low carbon technologies and accelerate the implementation of projects and programs for energy efficiency projects. The process involves the implementation of an approved project that reduces greenhouse gas emissions and creates mitigation outcomes utilizing approved accounting procedures.
  • The Paris agreement permits the use of markets for the transfer of ITMOs between countries to meet the commitments contained in their NDCs.
  • According to the Press release, “The project will also leverage the active engagement of several West African countries in climate negotiations, particularly around Article 6 of the Paris accord, and the activities of the West African Alliance for Carbon Markets and Climate Finance (the West African Alliance or WAA), which provide the opportunity to expand the reach of carbon pricing to enable full implementation of NDCs”.

Related

Tags: ACTFCNAfrican Climate Technology and Finance Center and NetworkNationally Determined ContributionsNDC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Gains from Airtel pushes NGX ASI above 54,000 basis points
    • BREAKING: Elon Musk tweets Nigeria has approved Starlink
    • UBA set to reward loyal customers in Super Savers Draw PRL

    Follow us on social media:

    Recent News

    Value of shares traded by top 10 stockbrokers up 133% despite COVID-19, investors, Raging Bulls lift Brent Crude price by 10%

    Gains from Airtel pushes NGX ASI above 54,000 basis points

    May 27, 2022
    Starlink

    BREAKING: Elon Musk tweets Nigeria has approved Starlink

    May 27, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com