BUSAN, May 25, 2018 (GGGI) — The Global Green Growth Institute (GGGI), in partnership with the Government of the Federal Democratic Republic of Ethiopia, and the Government of Rwanda hosted a side event today, under the theme of “Leveraging Climate Finance in Africa,” at the 53rd Annual Meeting of the African Development Bank (AfDB) in Busan, Republic of Korea. Hyoeun Jenny Kim, GGGI’s Deputy Director General and Head of Green Growth Planning and Implementation opened the side event, making references to GGGI’s track record of mobilizing climate finance into projects globally, with a focus on Africa. Hubert Ruzibiza, CEO of Rwanda’s Green Fund (FONERWA – Rwandan National Environment and Climate Fund) said that climate change is a critical issue that must be addressed before it’s too late. Rwanda is experiencing floods and other natural catastrophes. It’s crucial for ministries to integrate aspects related to environmental sustainability and social inclusion to raise more funding for climate resilience.
“The private sector needs to play an important role in climate action. The African Development Bank support African countries to adopt Nationally Determined Contributions and strive for inclusive growth and transition to green growth,” said Anthony Nyong, Director of Climate Change and Green Growth, African Development Bank (AfDB).
He added that the AfDB has launched the Africa NDC Hub as a response to Africa’s needs for the implementation of NDCs. The Africa NDC Hub is intended to accelerate climate action to transition Africa towards a low carbon and climate resilient development pathway.
Fisiha Abera, Director General for the International Financial Institutions Cooperation explained Ethiopia’s progress in building a climate resilient green economy and mobilizing climate finance investment. Ethiopia stands committed to building a Climate Resilient Green Economy (CRGE), through developing a CRGE Strategy, which has been fully integrated into the GTP II at federal and sector levels. The CRGE embodies a political commitment to green growth nationwide as well as a realization that climate resilience is a core development priority for the future.
GGGI has been supporting the Government of Ethiopia since 2010, with the development and implementation of its CRGE vision and strategy – developed at sector level for Agriculture and Forestry (2014) and for Water and Energy (2015). GGGI’s in-country delivery model consists of embedded expert/advisory technical support and capacity building to support CRGE ambitions and remain responsive to the dynamic issues facing its full realization.
Further, in 2017, GGGI supported the Facility with the mobilization of USD 60 million from the AF and GCF and mobilization of USD 75 million from bilateral development partners towards Ethiopia’s large scale Reducing Emissions from Deforestation and Forest Degradation (REDD+) Implementation Program.
The side event provided an opportunity for participants to hear success stories and challenges from the Governments of Ethiopia and Rwanda, as well as GGGI and the AfDB in mobilizing climate finance to build sustainable green growth.