IDFC at One Planet Summit Africa’s Pledge in Nairobi, Kenya
IDFC at the One Planet Summit in Nairobi: Africa Pledge
The One Planet Summit, since its first edition in 2017 mobilizes the International Development Finance Club. For this first regional edition of the One Planet Summit, the unique role of Africa will be highlighted as a global partner facing both challenges and opportunities, in particular in the field of innovative solutions for adaptation and resilience. The Summit will bring together high-level officials, CEOs and inspiring voices from youth, and civil society to showcase concrete achievements and breakthrough initiatives, and trigger new coalitions and commitments. Designed as a full day of High-Level conversations and Coalition building for Climate and Environmental action in Africa, the event will start just before the opening of the high-level segment of UNEA-4, in a dedicated venue on the UN Compound in Nairobi, on March 14, from 9 am to 5 pm. See the full programme here
During the Summit, the Trade Development Bank (TDB), member of IDFC, regional development bank operating in East Africa, based in Nairobi is representing the Club. TDB President Admassu Tadesse will speak as keynote speaker at the opening of the « Sectorial Deep Dive Accelerating the Transition for All – Alignment of Development Bank with the Paris Agreement and Long Term Sustainable Financing in Africa ». This session of Deep Dive, from 14:00 to 15:00 on March 14, will aim to continue the discussions initiated during the COP 24 on the operationalization of the alignment with the Paris Agreement for development banks, especially in the African context, as well as the different tools, processes, methodologies and actions of financial institutions to accelerate climate finance in Africa. In addition to TDB, high-level stakeholders and a variety of institutions, including from the private sector, will be represented, including the Green Climate Fund, fellow IDFC member the Development Bank of Southern Africa (DBSA), the African Development Bank (AfDB), the European Investment Bank (EIB) and the Kenya Commercial Bank (KCB).
Aligning financial flows in Africa should help seize the enormous, yet still largely untapped, renewable energy potential of the continent, and more generally support pathways for low-carbon and resource-efficient growth. No continent will be struck as severely by the impacts of climate change as Africa, given its geographical position, the vulnerability of African populations and the reliance of economies on natural resources. For this reason, aligning financial flows with adaptation and resilience imperatives is of paramount importance for Africa. IDFC, as the largest provider of climate finance globally, could play a pivotal role in this aim for this promising and growing continent.
Press Release : IDFC and TDB Convene DFIs at the One Planet Summit in Nairobi