Africa – At the 28th Conference of the Parties (COP 28), Sérgio Pimenta, Vice President of the International Finance Corporation (IFC), emphasized the significant role of the green economy in creating wealth and opportunities for African businesses. The conference serves as a platform for ongoing dialogue with development partners, private companies, civil society, and young entrepreneurs.
According to Africa News Agency, the IFC’s presence at COP 28 is driven by multiple objectives. The primary goal is to continue dialogue with the private sector, recognizing the crucial role it plays in counteracting the effects of global warming. The IFC advocates for a clear role for the private sector in climate solutions, especially in Dubai. This is in line with the understanding that the necessary funds to combat global warming cannot be provided solely by the public sector.
A second aim for the IFC at the conference is to strengthen partnerships, both existing and new, to involve more players in climate solutions. The scale of environmental challenges necessitates collaboration among all parties, including public-private partnerships and blended finance models to reduce risks and create attractive proposals for the private sector.
This approach is particularly vital in Africa, where global solutions can be adapted to local contexts. However, additional support is often needed in smaller markets to operationalize these solutions at scale. The IFC’s participation in COP 28 is geared towards advancing these issues, with financing as a central theme of the discussions.
The Nairobi Declaration, resulting from a meeting in Nairobi, Kenya, laid the groundwork for Africa’s approach to COP 28. The IFC’s response to the declaration involves supporting African governments in addressing climate issues and developing indigenous solutions, while also engaging international partners. The focus is on enhancing the value chains in Africa’s regional and local economies, particularly in the wake of the pandemic.
The IFC’s efforts include developing smart agriculture techniques and supporting local processing in sectors like cashew nuts in Côte d’Ivoire, tea in Kenya, and beef in Madagascar. These initiatives aim to create value and opportunities within the continent’s green economy.
A key component of the IFC’s strategy is the convergence of climate and gender issues. The She WINS Climate initiative, launched at COP 28, exemplifies this approach. It supports women entrepreneurs with high-impact climate projects through competitions, incubators, accelerators, and funding. This initiative acknowledges the critical role of women in addressing climate challenges and aims to bridge the gender funding gap, particularly in Africa, which leads in female entrepreneurship but faces the largest gender gap in funding.