Prospero ’s Post

🌍 Uganda takes bold steps towards #climateresilience! Learn how the Climate Finance Unit at the Ministry of Finance Planning and Economic Development is mobilizing resources and collaborating with stakeholders to bridge the #climatefinance gap. Read more: https://lnkd.in/d3zY8h9B Article by @MaryGorret. #climateactionnow #sustainability #greengrowth #partnerships #climatefinance #sustainabledevelopmentgoals

Today USAID Climate Finance for Development Accelerator (USAID CFDA) and USAID/Zambia wrapped a learning event on #Access2Finance and #ClimateFinance in Zambia. A couple take-aways: 💡SMEs are not only an engine for growth in the economy but are delivering real sustainable, climate resilient solutions 📈SMEs often get trapped in the “valley of death” moving from start-up to self reliancy, but #blendedfinance instruments and catalytic capital can help get SMEs past this hurdle 🌳 the Local financial sector has an important role to play in scaling access to #climatefinance but more is needed in terms of capacity building, and support on the policy level (photo: Panel on Accessing Climate Finance at Scale)

Never before has there been so much agreement among economists and policy makers about the importance of measuring progress and sustainability. The consensus is clear: we must track changes in a nation's per capita real wealth. A recent policy brief from the UN Secretary-General urges member states to move beyond GDP and measure what truly matters for sustainability and prosperity. During UNEA-6, a panel of ministers will explore recent applications of expanded wealth frameworks to complement GDP. This includes the global inclusive wealth framework and measuring the assets that underpin well-being in all its forms: economic, environmental, and social. The focus will be on the Inclusive Wealth Report for Africa, with discussions on specific trends, trade-offs, and policy implications for 41 countries in Africa from 1992-2019. The explicit focus will be on how measuring baseline natural capital can better help the financing of Great Green Wall, Climate Finance, Land Degradation, Biodiversity Fund and poverty alleviation. Check out the latest UNEP report on the Inclusive Wealth Report for Africa at the link below. https://lnkd.in/eAPmPEFR

🌍𝗪𝗵𝗮𝘁 𝗱𝗼 𝘄𝗲 𝗺𝗲𝗮𝗻 𝗯𝘆 𝗰𝗹𝗶𝗺𝗮𝘁𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗲? We think of it as any financing for credible climate action – this includes all ‘climate-aligned’ finance that does not have an explicit climate mandate, but contributes to green growth or climate resilient development. There’s a growing amount available globally – but very little reaches Nigeria. 👇🏼See the attached infographic to know more. #climatefinanceroundtable #climatefinance #sustainabledevelopment #sustainableinvestment Nigeria Governors' Forum Secretariat Foreign, Commonwealth and Development Office UK in Nigeria Tetra Tech International Development Daniel Yeo Ronojoy (Ron) Sircar Abdul Oladapo Credo Advisory

Africa faces a harsh reality: climate change's wrath despite minimal contribution. We need climate finance, funds specifically for climate action. The current situation? Arid. Hanan Morsy, the chief economist for United Nations Economic Commission for Africa (UNECA), stated on March 7th 2024 at the Conference of African Ministers of Finance, Planning and Economic Development (COM2024) in Zimbabwe that Africa will be $2.5 trillion short of the finance it needs to cope with climate change by 2030. This is beyond doubt that Africa bears the brunt of climate change, yet receives a mere $30 billion annually, far short of the estimated $2.5 trillion needed by 2030. Challenges? Limited private investment, complex funding structures, and local capacity constraints. But there's hope! The Great Green Wall, a pan-African project to combat desertification, and the Adesola Solar Farm, financed through innovative models, show the way forward. We need solutions! Blended finance, combining public and private funds, green bonds for climate projects, and climate-smart agriculture initiatives can bridge the gap. The answer lies in collaboration. Developed nations must fulfill their commitments, African nations need good governance, and businesses must develop innovative solutions. Read more: https://lnkd.in/eszk5vhT By working together, we can unlock the vast potential of climate finance. Africa can rise above the climate challenge and build a sustainable, resilient future for its people and the planet. #ClimateFinance #Africa #ClimateAction #GreenInvestment #SustainableDevelopment

🌍 Event Recap: Roundtable on State Access to Climate Finance in Nigeria 🌍 Yesterday, the Nigeria Governors Forum, in partnership with UKNIAF hosted a high-impact roundtable focused on enhancing state-level access to climate finance. This event brought together policymakers, financial experts, and development partners to discuss innovative solutions for funding climate resilience and sustainable development initiatives across Nigeria. Key discussions included: 📍Leveraging public and private sector collaborations to bridge the climate finance gap. 📍Best practices from states that have successfully accessed climate finance. 📍Strategies for implementing effective climate adaptation and mitigation projects. Nigeria faces significant climate challenges, from droughts in the North to coastal erosion in Lagos. However, effective climate finance is crucial to address these issues, drive economic growth, and achieve our Nationally Determined Contributions (NDCs). Stay tuned for more detailed insights and actionable outcomes as we continue this pivotal event today. UKNIAF Foreign, Commonwealth and Development Office Tetra Tech #ClimateFinance #SustainableDevelopment #NigeriaClimateAction #climatefinanceroundtable

In the face of climate change, Zambia is building vulnerable communities’ resilience through Inclusive Green Finance. By expanding access to savings, insurance, credit, and digital finance, communities can adapt, cope, and bounce back stronger from climate impacts. KABINDA KAKOMA KAWESHA of Bank of Zambia, Chair of AFI’s Inclusive Green Finance Working Group, reveals how it works. 👉 Learn more: https://bit.ly/3VstsBG AFI’s Inclusive Green Finance workstream is supported by AFD - Agence Française de Développement. #WorldEnvironmentDay #InclusivegreenFinance #SustainableFinance #SDG13 #ClimateAction #FinancialInclusion #ClimateChange

Urgent Call for Action: Natural Resource Accounting in Africa Africa's wealth isn't just in its GDP—it's in its natural resources: water, forests, minerals, and rich biodiversity. Yet, without proper accounting, these treasures are at risk. Natural resource accounting is critical to ensure sustainable management, informed policy-making, and a balanced approach to economic growth and environmental conservation. With climate change impacts looming large, Africa must act now to protect its natural capital and secure a prosperous future for its people and future generations. Let's leverage the The World Bank strategy for Africa and the various others initiatives from African and global institutions to prioritize natural resource accounting—our continent's true wealth depends on it. #Sustainability #Africa #NaturalCapital #ClimateAction The World Bank International Monetary Fund African Development Bank Group African Union United Nations EFRAG International Sustainability Standards Board (ISSB) Goodman School of Business at Brock University

Mixed Reactions As Tinubu Approves Mandate For Office Of Envoy On Climate Action, Expands Green Economy Committee Membership President Bola Tinubu has approved the mandate for the newly established Office of the Special Presidential Envoy on Climate Action (SPEC). This office will lead Nigeria’s climate-related initiatives, aiming to streamline and enhance the country’s efforts in addressing climate change and advancing a green economy. The SPEC will be responsible for negotiating climate-related matters on behalf of Nigeria, managing carbon market initiatives, coordinating climate action activities across various government bodies, and representing Nigeria in international climate discussions. The envoy will also work closely with the National Council on Climate Change (NCCC) and oversee the implementation of Nigeria’s Nationally Determined Contributions (NDCs). https://lnkd.in/e85G7YMy #News #Trends #Trending #primebusinessafrica #fyp #Newsupdate #Latestnews #inflation #budget #money #family #finance #tips #viral #trending #socialmedia #nigeria #news #today #pba #africa l

Prospero had the opportunity to attend the Finance Sector Workshop on Carbon and Climate Finance in Zambia, hosted by the Supporting Preparedness for Article 6 Cooperation (SPAR6C) program and the Ministry of Green Economy and Environment. The workshop convened Banks, regulators such as the Bank of Zambia, and policymakers to discuss and understand the opportunities and challenges facing the financial sector in climate and carbon financing. Like other UN member countries, Zambia has established its Nationally Determined Contributions (NDCs), which are the greenhouse gas emission (GHG) targets it aims to reduce by 2030. The event delved into the role of Article 6 of the Paris Agreement in catalysing the process of meeting these contributions through cooperative efforts among different countries. It aimed to identify knowledge gaps within the Technical Climate Change Committee for Mitigation on Compliance and Voluntary Carbon Markets and sought to inform a capacity-building program for the financial sector. The Supporting Preparedness for Article 6 Cooperation (SPAR6C) program aims to raise awareness and build capacity within the sector to take advantage of opportunities in the carbon and climate finance sector. #Climatechange #Carbonfinancing #Prospero