One Planet Summit in Nairobi: financial institutions demonstrating how they can support the transition in Africa Monday, Mar 18, 2019 by: Alice Pauthierposted in: Relevant news and events, Supporting Institutions comments: 0 On the sidelines of the high-level segment of UNEA-4, President Uhuru Kenyatta of Kenya, President Emmanuel Macron of France, Interim President of the World Bank Group Kristalina Georgieva, and Deputy Secretary-General of the United Nations Amina Mohammed convened the first regional meeting of the One Planet Summit with a focus on Africa. This 1st regionally focused One Planet Summit was an opportunity for Supporting Institutions of the Climate Action in Financial institutions Initiative to identify and discuss how financial institutions can support the region to face the challenges and seize the opportunities of the transition to a low-carbon and resilient development pathway. 1) Provide climate finance targeting the specific needs of the region Adaptation and resilience The African Development Bank pledged US$ 25 billion to climate finance for 2020-2025, doubling its commitment. The African Development Bank successfully raised its adaptation finance from less than 30% of total climate finance to parity with mitigation in 2018 and aims to continue this trend. The World Bank Group announced $22.5 billion for Africa for climate adaptation and mitigation over the next five years from 2021-2025. More than half of the $22.5bn financing will be devoted to supporting adaptation and resilience. The Agence Française de Développement presented Adapt’Action facility, a Climate Adaptation Technical Assistance Facility to support implementation of Nationally Determined Contributions (NDCs) in 15 countries vulnerable to climate change. Learn more about the Adapt’Action facility Energy transition and rural electrification The African Development Bank launched a ‘Green Baseload’ facility under the Sustainable Energy Fund for Africa to provide concessional finance and technical assistance to support the penetration and scale-up of renewable energy, to provide affordable and reliable renewable energy baseload.” Discover instruments and facilities to support Local Climate Action 2) Support the implementation and revision process of the Nationally Determined Contributions (NDC) The World Bank announced intensive Nationally Determined Contributions (NDC) engagements with Rwanda and Kenya, under the framework of the NDC Partnership, and with support from Germany’s BMZ. 3) Make financial flows of development banks operating in the region consistent with the Paris Agreement long term objectives Following the commitment of 30+ development banks to align with the Paris Agreement at the first One Planet Summit in 2017, the African Development Bank, Agence Française de Développement and the Development Bank of South Africa participated in discussions on Alignment of Development Banks with the Paris Agreement and long-term sustainable financing in Africa. These discussions built on the MDBs’ alignment approach to the objectives of the Paris Agreement and IDFC Position Paper “Aligning with the Paris Agreement” launched at COP24. This Summit also focused on other aspects of the ecological crisis, such as deforestation and the decline in biodiversity. AFD thus announced a new “Biodiversity Facility” to be created in 2019 in partnership with WWF and the IUCN to support 16 countries as they develop their national contributions for the 15th Conference of the Parties (COP) to the Convention on Biological Diversity (CBD), which will be held in 2020 in Beijing.