Ireland and Austria have joined the African Development Bank’s Africa Climate Change Fund (ACCF) with contributions of €2 million and €1 million, respectively, to support the Fund’s work.
AfDB made this known in a press release on Thursday, published on the website.
The ACCF is a multi-donor trust fund that backs the African Development Bank Group’s target of tripling its climate financing and advancing Africa’s climate resilience.
Harald Waiglein, Director General at Austria’s Federal Ministry of Finance, expressed his country’s commitment to tackling climate change with a strong focus on adaptation.
In a letter to the Bank, Waiglein said, “the Federal Ministry of Finance of Austria decided to contribute to the ACCF to support activities of the Africa NDC Hub, including the development and update of Nationally Determined Contributions and Long-Term Climate Strategies of African countries.”
“We consider these strategies essential to combat climate change and further sustainable development,” he added.
Sean Fleming, Ireland’s Minister for International Development and the Diaspora, said, “Ireland is committed to supporting communities across Africa to deal with the impacts of climate change.”
Fleming said that a focus on adaptation and support to African countries continues to be at the core of Ireland’s engagement in climate action. He added that Ireland plans to more than double its climate finance to developing countries by 2025.
“This contribution to the ACCF has a strong focus on climate adaptation and is another indication of how Ireland supports the drive for a climate-resilient Africa,” Fleming said.
Professor Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank welcomed Ireland and Austria as donors to ACCF.
“These new funds will enable the ACCF to support the preparation and strengthening of NDCs and Long-Term Strategies in African countries and to support projects already identified through ACCF’s third call for proposals,” Nyong said.
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The two countries joined the Fund in late 2022, bringing its current donors to seven. The other donors are the Government of Italy; the Government of Flanders (Belgium); the Government of Quebec (Canada); Global Affairs Canada; and the Global Center on Adaptation.
The African Development Bank established the Africa Climate Change Fund in April 2014 with initial financing of €4.725 million from Germany.
Its mission is to support African countries in building their resilience to the negative impacts of climate change and transition to sustainable low-carbon growth.
7 African Start-ups to Receive $385k to Develop Solutions for Blue Economy
Climate resilience venture launcher Triggering Exponential Climate Action (TECA) has announced on Thursday, the selection of seven start-ups to each receive $55,000 in funding to advance their solutions for the blue economy in Africa.
The start-up founders were selected following their participation in TECA’s fellowship program, where they were supported to create ideas for companies in the blue economy, build teams, and form companies.
The TECA program, managed by BFA Global and supported by FSD Africa, was created to accelerate the development of climate-resilient solutions to protect and sustain the environment and vulnerable communities. Each startup will receive $27,500 in seed capital and $27,500 in hands-on venture building support to progress financial and tech-enabled solutions that bolster the climate resilience of communities and ecosystems in and around the oceans, lakes, and rivers across the Eastern region of Africa.
“Through the TECA program, we are proud to support and accelerate the development of innovative solutions that will protect and sustain the environment and vulnerable communities in the Eastern coast of Africa.
These seven start-ups represent the forefront of the blue economy in Africa, and we look forward to seeing the impact of their financial and tech-enabled solutions on communities and ecosystems,” said David del Ser, Chairman and Chief Innovation Officer at BFA Global.
Founders of the seven start-ups selected in the current cohort originate from six countries in Africa—Kenya, Egypt, South Africa, Uganda, Zimbabwe and Tanzania—with ideas focusing on bridging existing gaps in: aquaculture; ecotourism; measurement, reporting, and verification (MRV) in conservation; seaweed value chain; mangrove restoration and protection; and financial services for fisher folk.
The startup companies are: AquaTrack, Carboni Bank, ConserVate, Mwani Blu, RegisTree, Vua Solutions and Wezesha Aqua Farms.
To further invest in the success of these startups, TECA will provide comprehensive venture building support that includes mentorship, capacity building, business model refinement, and support launching their products and services in the market.
