Africa

COP26 launches Africa Green Finance Coalition

Initiative to spur trillions of dollars in green investment needed to transform Africa’s economy

Aysu Bicer   | 03.11.2021
COP26 launches Africa Green Finance Coalition

GLASGOW, Scotland

The Africa Green Finance Coalition (AGFC) was announced at the UN Climate Change Conference (COP26) in Glasgow, Scotland on Tuesday to spur the trillions of dollars in green investment needed to transform Africa’s economy.

The initiative aims to accelerate green finance policy and regulatory reform to attract private capital at scale, both from international and domestic investors.

"Africa has a $2.3 trillion investment gap in its core infrastructure which must be addressed," said Ayaan Zainab Adam, Chief Executive Officer of Africa Capital Partners.

The AGFC should help get much needed capital flowing to climate resilient and low carbon infrastructure, she said.

Brian Moynihan, the CEO of Bank of America, has meanwhile declared a facility to scale public and private finance for climate solutions and resilient infrastructure in Small Island Developing States (SIDS) in the Caribbean.

This facility aims to invest in approximately 800 megawatts of new wind, solar and electric vehicle (EV) charging infrastructure projects in Caribbean Small Island Developing States.

COP26 also saw another partnership, called Regen10, a bold new platform to achieve regenerative food systems this decade across 50% of world food production. A regenerative food system focuses on feeding humankind without depleting the Earth.

Regen10 will work with over 500 million farmers to apply regenerative production methods while simultaneously ensuring that roughly $60 billion per year is deployed to finance the transition to reverse nature loss in line with the 2015 Paris Agreement on climate change.

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