Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

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.”

 
Mining


 
Telecom


 
Public Management


Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

Please publish modules in offcanvas position.