On 16 November 2022 (16:00-17:30 CET), the Green Growth Knowledge Partnership (GGKP), together with its partners - the African Development Bank (AfDB), World Bank Group, Islamic Development Bank, WWF and World Resources Institute (WRI) - hosted a side event at the UNFCCC COP27 in Sharm El-Sheikh, Egypt, on financing and scaling up nature action.
The event focused on accelerating investment in nature action in Africa and highlighted some of the key issues inhibiting the implementation of nature-based solutions (NbS). During the event, experts showcased different financing options, NbS projects and newly launched studies around NbS and Africa's natural resources sectors.
Highlights from the conversation:
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Funding opportunities for NbS are still scarce, although they offer a high return on investment (ROI).
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The agreement on the loss and damage (L&D) fund is crucial to facilitating NbS. Stakeholders can make strategic use of L&D funds, with NbS providing great co-benefits in climate adaptation.
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Multilateral development banks can act strategically and facilitate NbS projects by: taking advantage of available resources; putting innovative finance solutions, such as debt-for-nature swaps, into action; and providing support through advisory activities, capacity-building, research and cooperation with partners.
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To make a compelling business case for NbS, further studies are needed on the benefits from nature-based solutions and their return on investment.
In anticipation of the event, WRI published a technical note on NbS in sub-Saharan Africa that can build resilience in communities as well as mitigate the impacts of climate change. This Insights piece provides a brief introduction of strategies to scale up NbS and thus build a more resilient community. Additionally, AfDB and WWF released their flagship report on the potential of debt-for-nature-swaps in Africa in October 2022.
Continue the conversation on the Africa Green Economy Group on the Green Forum.
Speakers (in order of appearance):
Innocent Onah, Chief Natural Resources Officer, AfDB
Vanessa Ushie, Acting Director, African Natural Resources Management and Investment Centre, AfDB
Nisha Krishnan, Director for Climate, Africa, WRI
Eric Oyare, WWF Blue Heart of Africa Lead
Al-Hamndou Dorsuuma, OIC Director, Climate Change and Green Growth, AfDB
Joanna Mclean Masic, Lead Urban Specialist, World Bank
Stuart Orr, Freshwater Practice Leader, WWF