As Cop29 unfolds, African heads of state and their negotiating teams are pushing for a greener future for Africa in Baku, Azerbaijan, and the stakes have never been higher.
While diplomats and experts continue to push for an overall agreement, there has already been a flurry of announcements concerning Africa at side-events.
Innovative financeOn Tuesday , the Climate Investment Funds Capital Markets Mechanism CCMM announced a bond listing on the London Stock Exchange to boost climate finance for Africa.
CCMM raises private sector capital in the international capital markets to mobilise finance for climate action and sustainable development, based on reflows from existing Clean Technology Fund projects implemented by six participating multilateral development banks over the past 16 years.
Akinwumi Adesina, President of the African Development Bank, said At a time of declining levels of concessional financing and grants, new models are needed to secure larger climate finance for developing countries, for public and private sector. The CCMM marks the first time that a multilateral climate fund will use the strength of its balance sheet to unlock urgently needed climate finance.
