The African Financial Alliance on Climate Change (AFAC)
AFAC is a voluntary network of financial institutions. Its mission, in the face of the urgent climate crisis, is to mobilize and direct private capital flows towards continent-wide low-carbon development on the African continent. The Alliance, designed to be inclusive, underscores the pressing need for collaboration among financial sector stakeholders, including central banks, insurance companies, sovereign wealth and pension funds, stock exchanges, and development banks.
How to Join : African financial institutions or associations interested in joining AFAC should email afac_secretariat@Afdb.org
“Africa’s financial actors need to work together creatively to mobilize global financial resources at a scale that can support local innovation and that drives climate-resilient and low-carbon development on the continent. Having been short-changed by climate change, Africa must not be short-changed by climate finance.”
Dr. Akinwumi Adesina, President, African Development Bank Group
“As the continent most vulnerable to climate change, we can only thrive if we set our economies on a low-carbon and climate-resilient development trajectory. The smart choice is to rethink how we deploy capital in a changing environment. An engaged financial sector is essential. AFAC will be instrumental in defining pathways which direct financial flows towards Africa’s NDCs and SDGs.”
Dr. Uzziel Ndagijimana, Former Minister of Finance and Economic Planning, The Republic of Rwanda
“AFAC is a platform for action on climate-related financial regulation through an industry-led alliance and gives African financial institutions a voice on climate issues.”
Eric Usher, Head of the United Nations Environment Programme’s Finance Initiative (UNEP FI)
Objectives
Leadership and awareness
Ensuring that African financial actors and policymakers are aware of climate change risks to their economies.
Access to data
Ensuring that African financial institutions have access to comprehensive and comparable climate-related data.
Climate risk regulation
Enable a policy environment that mainstreams climate-related risk management in financial operations.
Climate risk management
Adequately equipping African financial stakeholders to address climate risks and vulnerabilities in their decision-making.
Green finance
Accelerating the allocation of capital to sustainable development in Africa adequately.
Events
AFAC implementing partners
Membership is voluntary and open to financial institutions as well as owners and providers of capital in Africa.
(+225) 27 20 263 900
afac_secretariat@afdb.org
Abidjan Joseph Anoma - Côte d'Ivoire