$30 trln in additional investments required to achieve net zero in 8 hard-to-abate sectors
The Net Zero Industry Tracker 2024 estimates that $30 trillion in additional capital will be required across ...
GGBI coalition, AfDB team up to promote green bond markets in Africa
- Up to EUR 15-20 bn green investments could be spurred
The coalition of development finance institutions and multilateral organizations making up the Global Green Bond Initiative (GGBI ) and the African Development Bank (AfDB) engaged in a strategic partnership to cooperate on technical assistance to promote green bond markets in Africa.
Representatives for the coalition comprising the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), Italy’s Cassa Depositi e Prestiti (CDP), the Spanish Agency for International Development Cooperation (AECID), Germany’s KfW development bank, PROPARCO of the AFD Group, acting as a consortium of European development finance institutions and the Green Climate Fund (GCF), signed a declaration in Dubai on the second day of the COP28 Summit.
This new strategic partnership is intended to be part of the technical assistance program of the Global Green Bond Initiative (GGBI) announced by Ursula von der Leyen, President of the European Commission, in June 2023.
The GGBI welcomes the new collaboration with the African Development Bank Group. Thanks to the in-depth and valuable experience of the African Development Bank, this partnership will reinforce the GGBI technical assistance program for its deployment in Africa. In addition, the African Development Bank intends to explore the possibility of investing in GGBI’s dedicated public-private fund, alongside the consortium of European development finance institutions and other public investors, subject to its internal policies and approvals.
The Global Green Bond Initiative will facilitate the flow of private capital from institutional investors into climate and environmental projects in EU partner countries, thereby increasing their access to capital. It will do so notably by providing technical assistance to green bond issuers in emerging markets and developing economies (EMDEs), and by crowding in private investors through a dedicated de-risked fund, which will act as an anchor investor in green bonds issued in EMDEs. The fund’s anticipated impact could spur green investments totaling up to EUR 15-20 billion.
To further strengthen the technical assistance arm of the GGBI, the GGBI coalition seeks to work with strategic partners including regional and local development banks across the globe, in particular to support the origination of green bonds, the development and identification of pipelines of green projects, and the development of credible and coherent green bond frameworks.
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