Abidjan is launching a $500 million green finance fund to boost sustainable development, according to the International Monetary Fund (IMF). The fund, part of the African Green Banks Initiative, seeks to foster a $1.5 billion green investment ecosystem across the continent by 2030. Backed by public and private sources, including Ivory Coast’s government, the Global Environment Facility, and the Green Climate Fund, this initiative underscores the country’s dedication to combating climate change. Ivory Coast, the leading global cocoa producer, is also introducing legislation to support other green finance efforts, including carbon credit management. This move aligns with a broader $1.3 billion IMF lending arrangement aimed at reinforcing the nation’s climate resilience. Despite contributing minimally to global emissions, Africa faces severe climate impacts that exacerbate natural disasters like droughts and floods.
SOURCE: REUTERS
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