African Policymakers and Experts Announce a Raft of New Initiatives at Cop29
Group photo of fintech entrepreneurs and officials at Africa@COP29 event in Baku.
This week, the Climate Investment Funds Capital Markets Mechanism (CCMM) announced a bond listing on the London Stock Exchange to boost climate finance for Africa. CCMM raises private sector capital in the international capital markets to mobilise finance for climate action and sustainable development, based on reflows from existing Clean Technology Fund projects implemented by six participating multilateral development banks over the past 16 years.
Akinwumi Adesina, President of the African Development Bank, said “At a time of declining levels of concessional financing and grants, new models are needed to secure larger climate finance for developing countries, for public and private sector. The CCMM marks the first time that a multilateral climate fund will use the strength of its balance sheet to unlock urgently needed climate finance.”