April 2021 - The Eastern Africa Alliance on Carbon Market and Climate Finance hosted its first climate finance event in collaboration with UNEP Finance Initiative (UNEP FI). The event explored the meaning of carbon and climate finance for NDC implementation in Africa and expounded on issues around transparency and accounting, ambition, and attribution.
Among the speakers were Fenella Aouane (GGGI), Madeleine Ronquest (FirstRand Group), Patrick Colas (ClimateCare), and Olufunso Somorin (AfDB) who explored these issues from various perspectives. From the financial institution perspective, the need for financial support for NDC implementation provides commercial banks with an opportunity to tap into new and innovative ways of financing. Options range from blended finance to exploring carbon markets, renewable energy, green equity, pricing externalities while aligning mitigation activities with the NDC priorities of the countries they are being implemented in. The Development Finance Institution perspective shed light on current practice and shared insights into important factors, such as capacity, that ensure climate finance flows. The private sector outlook provided highlights on experience in mobilizing carbon finance, views on potential future approaches and mechanisms, the importance of working with government, and the role of the voluntary carbon market. Lastly, the event explored good government practice with insight on accessing climate finance in Kenya.
Further information
A video recording of the webinar held on 8th April 2021 can be viewed below.