The African Development Bank (AfDB) has approved the creation of a fund to support the continent’s “transition to green growth.” The African Climate Change Fund (ACCF) will scale up to a multi-donor trust fund, which will be hosted and managed by the bank.
Speaking to the bank’s directors at a meeting in the Tunisian capital, Tunis, Alex Rugamba, director of the bank’s energy, environment and climate-change department, said the fund “will help facilitate countries’ access to the financing they need to protect their economies and environmental assets in the face of climate change.” He added, “Africa is the most vulnerable continent to the impacts of climate change, yet the region receives a very small share of climate finance as compared to other continents.”