Côte d’Ivoire Convenes World Bank and IMF on Climate Finance

Following the release of the World Bank’s 14th report on Côte d’Ivoire, which focused on climate finance, Abidjan hosted a roundtable on the topic.

The objective was to assess the country’s needs, the efforts already made, and the support expected.

On Friday, July 5, 2023, Côte d’Ivoire hosted a roundtable discussion on climate finance. The event, held at the Sofitel Hotel Ivoire in Abidjan, brought together several government members, including Prime Minister Robert Beugré Mambé, the World Bank’s Regional Vice President for West and Central Africa, Ousmane Diagana, and the Deputy Managing Director of the IMF, Bo Li.

The event also gathered numerous experts and technical partners and took place a few days after the publication of the 14th edition of the World Bank’s economic analysis on Côte d’Ivoire, emphasizing the country’s climate finance strategy.

Themed “Strengthening the partnership for sustainable development financing in Côte d’Ivoire,” this meeting aimed to reinforce international cooperation and develop effective strategies to combat the effects of climate change in the country.

Discussions focused on the specific challenges that climate change poses to Côte d’Ivoire, both environmentally and economically.

It is important to note that, like many of its African counterparts, Côte d’Ivoire is among the countries particularly threatened by climate risks, despite low greenhouse gas emissions.

According to the IMF, the country could lose up to 13% of its GDP by 2050 if it does not effectively finance its fight against climate change.

As part of its nationally determined contribution (NDC), Côte d’Ivoire has estimated its financing needs at $22 billion, to be mobilized with the support of multilateral partners and the private sector. However, mobilization remains slow, mainly due to the non-materialization of funding promises from wealthy countries, the main global polluters.

“The fight against climate change requires significant investments to be mobilized quickly to reduce the country’s vulnerability. Just for the implementation of the nationally determined contributions until 2030, the necessary resources are estimated at around 17% of GDP over the period.

In this perspective, the support of international partners, financial institutions, donors, and private investors is essential to amplify our efforts and achieve our climate goals. This is the essence of this roundtable, the objective of which is to seek your support,” emphasized Robert Beugré Mambé, Prime Minister of Côte d’Ivoire.

In his address, the World Bank’s Regional Vice President for West and Central Africa, Ousmane Diagana, commended the Ivorian authorities for their efforts in combating climate change.

He highlighted three major initiatives that underscore Côte d’Ivoire’s climate leadership in West Africa: the adoption by decree of the Country Climate and Development Report (CCDR), making Côte d’Ivoire the first country to do so, the efforts undertaken under the IMF’s Resilience and Sustainability Facility (RSF), and the operationalization of the CCDR.

He also suggested the creation of a Secretariat responsible for implementing and monitoring climate action by the government and the private sector.

“The country is truly at the forefront of mobilizing finance, having already issued its first sustainable bond and positioning itself as a leader in the region,” he stated. He added, “We would like to congratulate Côte d’Ivoire on this achievement and express our strong support for continuing to innovate by establishing a solid framework for sustainability-linked financing.”

Leave a Reply

Your email address will not be published. Required fields are marked *