This week, the Local weather Funding Funds Capital Markets Mechanism (CCMM) introduced a bond itemizing on the London Inventory Alternate to spice up local weather finance for Africa. CCMM raises non-public sector capital within the worldwide capital markets to mobilise finance for local weather motion and sustainable improvement, based mostly on reflows from current Clear Know-how Fund tasks carried out by six taking part multilateral improvement banks over the previous 16 years.
Akinwumi Adesina, President of the African Growth Financial institution, stated “At a time of declining ranges of concessional financing and grants, new fashions are wanted to safe bigger local weather finance for growing nations, for private and non-private sector. The CCMM marks the primary time {that a} multilateral local weather fund will use the power of its stability sheet to unlock urgently wanted local weather finance.”