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New support for West African Alliance on Carbon Markets and Climate Finance pledged during COP23

December 2017 - The recently founded West African Alliance on Carbon Markets and Climate Finance, which is supported by the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) and Climate Focus, invited interested participants to an open and interactive exchange during COP23. The aim was to explore possibilities of cooperation. The Alliance is a long-term structure for fostering carbon markets and result-based climate finance in West Africa that will integrate a variety of support activities. The Alliance strengthens the representation of West African delegates in the negotiations on market mechanisms and climate finance. It serves as a sub-regional hub for the integration of related initiatives and enhances the domestic capacities of member countries to access climate finance and benefit from carbon markets.

Following brief initial presentations from Alliance members, the event provided the chance for a direct exchange of interests and ideas. The lead negotiator for markets of the African Group, Mr El Hadji Mbaye Diagne, recalled the relevance of market mechanisms for African countries as a tool for implementing their NDCs, as many of them make explicit reference to market mechanisms in their NDCs. Of the West African delegates present during the event, many expressed support to the initiative and contributed suggestions for further outreach. The event also provided an opportunity to present the Alliance to leading West African institutions, including the ECOWAS and UEMOA Commissions, who welcomed the initiative and offered support. The Alliance is co-hosted by the West African Development Bank (BOAD) and ENDA Energie Dakar with technical and financial support provided by UNFCCC RCC Lomé, Climate Focus and BMU.