The African Development Bank (AfDB) will inject $25Billion into climate projects and green growth in Ivory Coast. This green financing will help accelerate the level of development and reduce emissions in this West African country by 2025.
The fund is meant to finance climate change adaptation and green growth projects paying for renewable energy, green mobility and smart agriculture, with the target to create 500 000 jobs in West Africa’s third largest economy.
“The $25Billion support will enable Ivory Coast to meet the challenges of the ecological transition and optimize its share of the 4% that the continent receives from the Global Climate Fund”, contends Charlotte Ako, the AfDB’s Head of Climate Change and Green Growth.
Since the Paris climate agreements were signed in 2015, the AfDB has embarked on promotion of the green economy.
In the event, the pancontinental lender has been investing in renewable energy projects across Africa. It has supported the Nachtigal hydroelectric project in Cameroon, the Alcazar solar photovoltaic (PV) project in Egypt and the Lake Turkana wind farm project in Kenya.