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AfDB to support West Africa to

meet Paris commitments

WEST AFRICA THE African Development Bank (AfDB) has mitigation projects.
extended financial support to a project that will ITMOs promote low-carbon technologies
strengthen the efforts of West African countries and accelerate the implementation of projects
to meet their Nationally Determined Contri- and programmes for energy efficiency projects.
butions (NDCs) targets under the Paris climate The process involves the implementation of an
accord. approved project that reduces greenhouse gas
The bank said a statement that it would (GHG) emissions and creates mitigation out-
underwrite the preparation of concept notes comes utilising approved accounting proce-
exploring the use of internationally transferable dures. These steps are followed by the transfer of
mitigation outcomes (ITMOs) in selected West the mitigation outcomes from the host party to a
African countries. buying party. Corresponding adjustments in the
The project is financed through the African registries of both parties ensure environmental
Climate Technology and Finance Center and integrity.
Network (ACTFCN), a Bank-managed initiative The Paris Agreement permits the use of mar-
that draws on funds from the GEF Trust Fund kets for the transfer of ITMOs between countries
and the Special Climate Change Fund. The pro- to meet the commitments contained in their
ject is being implemented by a consortium led by NDCs.
Triple E Systems. The project will also leverage the active
“This intervention will put in place a robust engagement of several West African countries in
platform, including processes, procedures and climate negotiations, particularly around Arti-
structures that will ensure real and practical par- cle 6 of the Paris accord, and the activities of the
ticipation of the West African sub-region in the West African Alliance for Carbon Markets and
use of ITMOs to deliver some of their NDC aspi- Climate Finance (the West African Alliance or
rations. It will form the basis for the replication of WAA), which provide the opportunity to expand
these activities in other African countries,” said the reach of carbon pricing to enable full imple-
Gareth Phillips, manager of Climate and Envi- mentation of NDCs.
ronment Finance at the AfDB. ACTFCN aims to support sub-Saharan
The initiative will help governments develop African member countries in scaling up the
technical capacity and institutional infrastruc- deployment of low-carbon and climate-resilient
ture to enable the private sector to access new technologies for climate change mitigation and
sources of climate finance as well as promote new adaptation.™
financing mechanisms for energy efficiency and

P8 www. NEWSBASE .com Week 06 11•February•2021