Consultation Workshop on a GCF National Financial Vehicle focusing on Energy sector in Cote d’Ivoire

On June 15, the Global Green Growth Institute, the National Investment Bank (BNI), and the Ministry of Environment and Sustainable Development (MINEDD), under the Green Climate Fund (GCF) readiness program, organized a Consultation Workshop on a GCF concept note on the implementation of a National Financial Vehicle focusing on Energy in Cote d’Ivoire. The objective of this event was to proceed with the consultation and validation of the concept note.

Recognizing the challenge of financing Côte d’Ivoire’s climate change mitigation and adaptation actions, the Government of Côte d’Ivoire has initiated and implemented programs to access climate finance and mobilize investments in climate projects, including capacity building to engage effectively with the GCF over the long-term.

GGGI is assisting the Republic of Côte d’Ivoire to adopt the transition model for green growth (aligned with and beyond the scope of this GCF Readiness project), by supporting the management of the implementation of strategic projects and programs. This Readiness project also aims to support the private sector in developing projects and increase investment in climate change. Private investors are not only important for their role in financing climate change mitigation and adaptation in Côte d’Ivoire, but also for the information and insights they can provide, as well as the expertise and agility they can bring to project development and implementation.

The country, through the Ministry of Environment and Sustainable Development, received a grant from the Green Climate Fund (GCF) to undertake an eighteen-month readiness program in partnership with the Global Green Growth Institute (GGGI). One of the objectives of this project is to develop three project concept notes aligned with the Côte d’Ivoire GCF Country Program. The third and last concept note focuses on the development of a National Financial Vehicle focusing on Energy sector in Cote d’Ivoire.

This concept note was developed in partnership with the National Investment Bank (BNI) as an entity in the process of accreditation to GCF, the African Development Bank (AfDB) and GGGI. This project in very important for Côte d’Ivoire to reduce the emissions linked to fossil fuel energy production, to increase the part of private sector in renewable energy production and energy efficiency in the country.

The preliminary work carried out by a national consultant made possible to have a provisional version of the concept note of the project.

The workshop was open by speech the General Director of BNI Mr. Youssouf FADIGA online.

Presentations were made by the national consultant, Dr Kalogo Youssouf, on the methodology used to write the concept note itself.

Following the consultant’s presentation, recommendations were made by the participants to take into account for the completion of the concept note before submission. The Country Representative (CR), Dr Mallé FOFANA have thanked the participants and advised them to play their role in this project. After the intervention of CR, the partner, African Development Bank (AfDB), represented by the Chief Climate Finance Officer Dr Timothy AFFUL-KOOMSON congratulated the country for this initiative and has reaffirmed the bank’s willingness to support the project through an allocation for co-financing.

After having collected the recommendations from the participants to finalize the concept note, The NDA invite all the stakeholders to be active in the completion of this concept note for the country to be able to mobilize enough money of climate finance for the country.