Launch of a carbon fund for sub-Saharan Africa
Carbon financial services - 23 April 2012
Banque ouest africaine de développement (BOAD), Proparco (Agence française de développement Group) and CDC Climat (Caisse des Dépôts Group) announced on 18 April, during the Africa Carbon Forum 2012 in Addis Ababa, the coming launch of the Carbon Fund for Africa.
The three partners have entrusted the management of this fund to CDC Climat Asset Management, which can already invest in projects for renewable energy, methanation, energy efficiency and in programmes for domestic equipment with low carbon emissions implemented in the countries of Sub-Saharan Africa until 2020.
The objective is to use the potential of carbon credits of Sub-Saharan Africa since, so far, only 1.2% of the financings created by the Kyoto Protocol have benefited the continent. By combining their expertise and additional means, at the crossroads between development and climate change, the three sponsors intend to finance projects with high environmental value added and with high economic and social eco-benefits.
Initially amounting to € 45mn, Fonds carbone pour l’Afrique (Carbon Fund for Africa) will be open to other investors wishing to contribute to the green growth of the African continent. It will invest in carbon credits generated by projects eligible by the European Union, by new international mechanisms in the process of creation or, on a limited basis, approved by voluntary quality standards. It is supplemented by a mechanism for technical assistance to help the operators beforehand in the structuring and implementation of their projects.
Visit the internet site of the Africa Carbon Forum 2012
Visit the internet site of the BOAD