The African Development Bank’s Africa Climate Change Fund (ACCF) has gained the support of two new donor countries: Austria and Ireland. Both countries have contributed €2m and €1m respectively to the Fund.
The ACCF is a multi-donor trust fund that supports the African Development Bank Group’s goal of tripling its climate financing and improving Africa’s resilience to climate change. With the addition of Ireland and Austria, the Fund now has seven donors, including the Governments of Italy, Flanders (Belgium), Quebec (Canada), Global Affairs Canada, and the Global Center on Adaptation.
In separate statements, the Director General of Austria’s Federal Ministry of Finance, Harald Waiglein, and Ireland’s Minister for International Development and the Diaspora, Sean Fleming, expressed their countries’ commitment to helping African communities tackle climate change, with a focus on adaptation. Waiglein said, “We consider [the update of African countries’ nationally determined contributions and long-term climate strategies] essential to combat climate change and further sustainable development.” Meanwhile, Fleming stated that Ireland plans to more than double its climate finance to developing countries by 2025.
The ACCF received a warm welcome from Professor Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank. Nyong said, “These new funds will enable the ACCF to support the preparation and strengthening of NDCs and Long-Term Strategies in African countries and to support projects already identified through ACCF’s third call for proposals.”
The Africa Climate Change Fund was established by the African Development Bank in April 2014, with initial financing from Germany. Its aim is to help African countries build their resilience to the negative impacts of climate change and transition to sustainable low-carbon growth. The Fund was converted to a multi-donor trust fund in 2017, with contributions from the governments of Flanders, Belgium, and Italy. Currently, the trust fund is valued at $28.8 million.
Since its creation, the ACCF has approved 27 grants worth $16.89 million and completed seven projects across 26 African countries. These projects have helped build capacity to access international climate finance and implement small-scale adaptation strategies to enhance climate resilience. The ACCF provides financing through competitive calls for proposals and a demand-driven window. The new funds from Ireland and Austria will be channeled through these windows.