July 10 to 13, 2023, Songdo, Incheon, Republic of South Korea. The Green Climate Fund (GCF) meets for the 36th timeème meeting of its Board of Directors, approved a new 2024 – 2027 Strategic Plan which aims to accelerate the allocation of resources to combat climate change via Accredited Agencies. The FVC has also re-accredited the West African Development Bank (BOAD), (the first accreditation dating back to April 2017) with an upgrade of the re-accreditation level in terms of the environmental and social categorization of projects, which thus goes from “B/I 1” to “A/I 1”.
From a fiduciary point of view, the Bank is authorized to mobilize resources of up to USD 250 million per project. This re-accreditation will enable the BOAD to mobilize grants, loans at rates ranging from 0 to 1.75%, guarantees and refinancing lines to help UEMOA member states combat the adverse effects of climate change.
It should be noted that following its evaluation, the VCF Reaccreditation Panel concluded that the BOAD portfolio was aligned with the national climate-related priorities of WAEMU member states. He also recognized that it cuts across the Fund’s result areas such as infrastructure, energy production and access, human and community livelihoods, forests and land use, ecosystems and ecosystem services, health, food and water security. The Bank is also strengthening private sector involvement by promoting the greening of the financial sector and financial innovation to increase private investment in climate protection.
The FVC encourages BOAD to continue its efforts to align its portfolio with the goal of climate neutrality by 2050, advance commitments to climate resilience and strengthen its internal capacity to support the fight against climate change.
Following the re-accreditation, BOAD President Serge EKUE reaffirmed the institution’s determination to stand by the UEMOA states : ” At the WADB, we remain committed to assisting our member states in financing projects aimed at mitigating the adverse effects of climate change, and to supporting their efforts towards low-carbon economic development, in line with the commitments of our 2021-2025 strategic plan, one of which is to devote 25% of our financing to supporting our member states in strengthening their resilience in the face of climate change. “.
About BOAD
The Banque Ouest Africaine de Développement (BOAD) is the joint development finance institution of the countries of the West African Monetary Union (WAMU). According to Article 2 of its Articles of Association, the BOAD’s purpose is to “promote the balanced development of member states and achieve economic integration in West Africa” by financing priority development projects. It is accredited with the three climate finance mechanisms (GEF, AF, GCF). Since 2009, BOAD has been an observer at the UNFCCC and has played an active role in discussions concerning the construction of an international architecture for climate finance. Since January 2013, it has been home to the first Regional Collaboration Center (CRC) on the Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. It is committed to carbon neutrality by 2023.
About the Green Climate Fund
The Green Climate Fund (GCF) is a global fund set up to support developing countries’ efforts to meet the challenge of climate change. The CVF helps developing countries limit or reduce their greenhouse gas (GHG) emissions and adapt to climate change. It aims to promote a paradigm shift towards low-emission, climate-resilient development, taking into account the needs of countries that are particularly vulnerable to the impacts of climate change. It was set up by the 194 countries that make up the United Nations Framework Convention on Climate Change (UNFCCC) in 2010, as part of the Convention’s financial mechanism. It aims to provide equal funding for mitigation and adaptation, while being guided by the principles and provisions of the Convention.
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