AMDA Key Highlights from COP27
Key Initiatives launched at COP27
1. The Africa Carbon Markets Initiative (ACMI) was launched on 8 November with the aim to dramatically expand Africa’s participation in voluntary carbon markets. The initiative was inaugurated at COP27 in collaboration with GEAPP, SEforALL, and the UN Economic Commission for Africa, with the support of the UN Climate Change High Level Champions. Multiple African nations joined the ACMI launch event to announce their commitment to scaling voluntary carbon markets, including the Presidents of Kenya and Malawi. ACMI’s ambitions are to:
- Grow African credit retirements ~19-fold from 2020 to ~300 MtCO2e per annum by 2030 and up to 1.5-2.5 GtCO2e by 2050;
- Create or support 30 million jobs by 2030 and more than 100 million jobs by 2050 through the carbon project development, execution, certification, and monitoring;
- Raise the quality and integrity of African credits to mobilize up to US$6 billion by 2030 and more than US$100 billion per annum by 2050;
- Ensure equitable and transparent distribution of carbon credit revenue, with a significant portion of revenue going to local communities. Learn more
2. Breakthrough Agreement on New “Loss and Damage” Fund for Vulnerable Countries – The United Nations Climate Change Conference COP27 reached a breakthrough agreement to provide “loss and damage” funding for vulnerable countries hit hard by climate disasters. Learn more
3. UNDP launched AMP (Africa Mini-Grid Program) – A country-led technical assistance programme that supports 21 African countries with the development of mini-grids. This program is funded by Global Environment Facility. Learn more
Key Announcements
1. The Global Energy Alliance for People and Planet (GEAPP) announced support of USD 50 million for The World Bank’s Energy Sector Management Assistance Program (ESMAP) to accelerate energy access and the transition to clean energy in developing countries. The new partnership will enable ESMAP to boost its programs aimed at achieving Sustainable Development Goal 7—universal access to reliable, sustainable energy by 2030. It will also support ESMAP and GEAPP’s aligned priority of supporting developing countries in the decarbonization of their energy sectors. Learn more
2. The Global Energy Alliance for People and Planet (GEAPP) announced a $35 million support for the Sustainable Energy Fund for Africa (SEFA) to help power countries in the Sahel with clean energy, including Senegal, Nigeria, Mauritania, Mali, Burkina Faso, Niger, Chad, Sudan, Ethiopia, Djibouti and Eritrea. Learn more
3. Germany committed €40 million to the African Development Bank Group’s Climate Action Window to support climate adaptation in fragile African states. The Climate Action Window is an initiative of the African Development Fund, the African Development Bank Group’s concessional lending window to low-income African states. It is mobilizing up to $13 billion for climate adaptation for some 37 low-income and fragile states, the worst hit by climate change. Learn more
4. EU announces €1 billion for climate adaptation in Africa targeted at floods, droughts and other impacts. Learn more
5. Creation of the Hydrogen for Development Partnership (H4D) – A new global initiative by the World Bank Group to boost the deployment of low-carbon hydrogen in developing countries. Learn more
6. The Asian Infrastructure Investment Bank (AIIB) and The Global Energy Alliance for People and Planet (GEAPP) announced a collaboration and strategic investment partnership to mobilize up to USD1 billion for the financing of green energy transition and renewable energy projects, in both the public and private sectors. Learn more
7. The AfDB- Sustainable Energy Fund (SEFA) has secured a fresh injection of $64 million in grant funding from the Norwegian Agency for Development Cooperation (NORAD) and the Global Energy Alliance for People and Planet. NORAD, a SEFA donor partner since 2018, donated an extra amount of 300 million Norwegian kroner, about $29 million, while the GEAPP donated $35 million. These two donors’ contributions consolidate the confidence in the role of SEFA at the forefront of energy transition and socioeconomic future for all Africans. Learn more
8. The Beyond the Grid Fund for Africa welcomed Norway as its fourth international donor, with an additional €19 million as announced by Norwegian Minister for International Development Anne Beathe Tvinnereim at COP27. This brings BGFA managed by Nefco – the Nordic Green Bank to EUR 126 million and allows it to reach many more off-grid beneficiaries and sustainable businesses in 6 African countries (Benin, Mozambique, DRC, Zambia, Burkina Faso, Liberia). Learn more
Explore more announcements here