“ECOWAS Investment Bank Achieves Green Climate Fund Accreditation: A Major Step Towards Sustainable Development” – Latest in Environment, Climate Change, and Renewable Energy News – EnviroNews

The ECOWAS Bank for Investment and Development (EBID) in Lome, Togo, has earned accreditation from the Green Climate Fund (GCF). This is a big win for climate initiatives in West Africa.

With this new accreditation, EBID can better finance projects that promote climate resilience. It strengthens the bank’s role as a key source of funding for crucial regional projects, expanding its goal of supporting sustainable development.

EBID plans to invest in infrastructure, renewable energy, and green economy projects. This will help local communities adapt to climate change and work toward a low-carbon future that aligns with the United Nations Sustainable Development Goals (SDGs).

From 2021 to 2025, EBID has set aside over $1 billion for sustainability projects. It has also signed a €100 million agreement with the European Investment Bank to boost sustainable development efforts in the ECOWAS region.

These investments show EBID’s commitment to a greener future for West Africa. They aim to create financial solutions that help member states tackle climate risks and promote economic growth.

Dr. George Agyekum Donkor, President and Chairman of the Board of Directors of EBID, said, “This is a significant step towards a future where economic growth and environmental sustainability go hand-in-hand. We are dedicated to using this accreditation to mobilize resources and unlock opportunities for the people of West Africa.”

As climate challenges grow, the GCF accreditation allows EBID to provide innovative financial solutions that foster inclusive and sustainable growth across member states.

With GCF approval, EBID can:

• Implement large-scale climate adaptation and mitigation projects,
• Attract additional climate financing from international partners,
• Offer technical assistance to member states for developing climate projects, and
• Align regional development with global climate objectives.

The GCF is the main avenue for the United Nations to support developing countries in their efforts against climate change. Launched at COP17 in 2011, it channels funds from developed nations to vulnerable economies, helping them reduce greenhouse gas emissions and adapt to climate impacts.

Through its partnership with the GCF, EBID is better positioned to assist ECOWAS member states in achieving their climate goals and creating sustainable economic opportunities for current and future generations.

Source link

Accreditation,ECOWAS Bank for Investment and Development (EBID),Green Climate Fund (GCF)