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Côte d’Ivoire Hosts High-Level Climate Financing Talks with World Bank and IMF

Monday, 08 July 2024 16:47
Côte d’Ivoire Hosts High-Level Climate Financing Talks with World Bank and IMF

(Ecofin Agency) - A week after the release of the World Bank's 14th report on Côte d’Ivoire, which focused on climate financing, Abidjan hosted a roundtable on the same subject. The aim was to assess the needs, efforts made, and support expected by the country.

On July 5, Côte d’Ivoire held a climate financing roundtable at the Sofitel Hotel Ivoire in Abidjan. The event gathered several government members, including Prime Minister Robert Beugré Mambé, the World Bank’s Vice President for West and Central Africa, Ousmane Diagana, and the IMF’s Deputy Managing Director, Bo Li.

The meeting also brought together numerous experts and technical partners and followed the publication of the 14th edition of the World Bank’s economic analysis of Côte d'Ivoire, highlighting the country’s climate financing strategy. Under the theme "Strengthening Partnership for Sustainable Development Financing in Côte d'Ivoire," the event aimed to bolster international cooperation and develop effective strategies to combat climate change. Discussions focused on the specific challenges climate change poses to Côte d'Ivoire, both environmentally and economically.

Like many of its African peers, Côte d'Ivoire is particularly threatened by climate risks despite low greenhouse gas emissions. According to the IMF, the country could lose up to 13% of its GDP by 2050 if it does not effectively finance its fight against climate change. Under its nationally determined contribution (NDC), Côte d'Ivoire has estimated its financing needs at $22 billion, to be mobilized with the support of multilateral partners and the private sector. However, mobilization has been slow, mainly due to the failure of wealthy countries, the world's major polluters, to fulfill their financing promises.

“Fighting climate change requires significant investments to be mobilized quickly to reduce the country’s vulnerability. Just for implementing the NDCs by 2030, the necessary resources are estimated at about 17% of GDP over the period. In this context, the support of international partners, financial institutions, donors, and private investors is essential to amplify our efforts and achieve our climate goals. This roundtable’s objective is to solicit your support,” emphasized Robert Beugré Mambé, Prime Minister of Côte d’Ivoire.

Côte d'Ivoire, a Model in Climate Change Efforts

In his speech, Ousmane Diagana, the World Bank’s Vice President for West and Central Africa, praised the Ivorian authorities for their climate change efforts. He highlighted three major initiatives that underscore Côte d'Ivoire’s leadership in climate action in West Africa: the adoption by decree of the Climate and Development Report (CCDR), making Côte d'Ivoire the first country to do so, the efforts under the IMF’s Resilience and Sustainability Facility (RSF), and the operationalization of the CCDR. He also proposed establishing a Secretariat to oversee and monitor climate action by the government and private sector.

“The country is truly at the forefront of financing mobilization, having already issued its first sustainability bond and positioning itself as a leader in the region,” he stated. “We congratulate Côte d'Ivoire for this achievement and express our strong support for continued innovation in establishing a robust framework for sustainability-linked financing.”





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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