Ambitious Climate Action Goals
In 2022, Côte d’Ivoire made substantial commitments as part of its revised Nationally Determined Contributions (NDCs) to reduce greenhouse gas emissions by 30.41% by 2030.
During a recent international roundtable focused on financing climate action, the Ivorian government revealed a comprehensive plan comprising 315 projects, valued at a total of $16.4 billion. The announcement was made during the Council of Ministers meeting on Wednesday, July 10, 2024.
Diverse Participants and Goals
This roundtable brought together over 150 participants and experts, including bilateral partners, national and international development finance institutions and agencies.
The aim was to present the Ivorian government’s priorities and explore various solutions for mobilizing climate finance.
Prioritized Projects
Among these projects, 53 have been identified as priorities. They encompass energy transition, electric mobility, circular economy, waste management, and agroecological transition.
These priority initiatives represent an investment of $13.4 billion.
Innovative Financing Mechanisms
To finance these projects, diverse mechanisms have been put in place.
These include a project preparation fund, a study fund, and innovative financing such as debt-for-climate swaps (where a country’s debt is converted into investments in climate projects).
Previous Commitments and Resilience
In 2022, Côte d’Ivoire had already made significant commitments as part of its revised Nationally Determined Contributions (NDCs) to reduce greenhouse gas emissions by 30.41% by 2030.
The country pledged to strengthen its resilience to climate change by adopting robust adaptation and mitigation measures. The cost of these commitments was estimated at $22 billion over the 2022-2030 period, according to the International Monetary Fund (IMF).
IMF Support for Climate Resilience
In March, the IMF announced a $1.3 billion loan to Côte d’Ivoire under the Resilience and Sustainability Facility (RSF) to finance its climate resilience efforts. This aid reinforces the actions already undertaken to address climate challenges and pursue sustainable development.