African Development Bank

Open Society Foundations’ Soros Economic Development Fund Commits $25 Million to Allied Climate Partners’ Climate Finance Partnership

Retrieved on: 
Tuesday, February 27, 2024

New York, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Soros Economic Development Fund (SEDF), the impact investment arm of the Open Society Foundations, is committing $25 million to Allied Climate Partners (ACP)—a new and innovative public-private partnership focused on increasing the number of bankable climate projects in emerging markets and developing economies around the world.

Key Points: 
  • New York, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Soros Economic Development Fund (SEDF), the impact investment arm of the Open Society Foundations, is committing $25 million to Allied Climate Partners (ACP)—a new and innovative public-private partnership focused on increasing the number of bankable climate projects in emerging markets and developing economies around the world.
  • ACP aims to address a critical financing gap at the early, risk-oriented stages of the development process.
  • Without this support, many projects and businesses struggle to attract the necessary capital to achieve their climate-related goals.
  • These regional funds will in turn seek to raise an additional $600+ million in senior equity from multilateral development banks (MDBs), development finance institutions (DFIs), and private investors.

The Clean Cooking Alliance Releases its 2023 Annual Report

Retrieved on: 
Wednesday, March 6, 2024

WASHINGTON, March 6, 2024 /PRNewswire-PRWeb/ -- The Clean Cooking Alliance (CCA) released its 2023 Annual Report, showcasing the organization's progress in supporting governments, building markets, and expanding the ecosystem to help families around the world access clean cooking solutions.

Key Points: 
  • The Clean Cooking Alliance's 2023 Annual Report showcases the organization's progress in supporting access clean cooking solutions.
  • WASHINGTON, March 6, 2024 /PRNewswire-PRWeb/ -- The Clean Cooking Alliance (CCA) released its 2023 Annual Report , showcasing the organization's progress in supporting governments, building markets, and expanding the ecosystem to help families around the world access clean cooking solutions.
  • "These countries' commitments to clean cooking – establishing dedicated teams of clean cooking experts at the highest level of government – set a powerful precedent for political action across Africa and beyond."
  • CCA's Annual Report provides updates on these and many other highlights of 2023, including:
    Working with partners across the sector to launch the interim Principles for Responsible Carbon Finance in Clean Cooking and start developing a new clean cooking carbon project methodology.

Rockefeller Foundation Outlines 4 Ways to Scale JETPs

Retrieved on: 
Thursday, February 15, 2024

NEW YORK, Feb. 15, 2024 /PRNewswire/ -- The Rockefeller Foundation released a roadmap to make Just Energy Transition Partnerships (JETPs) a more effective vehicle for transforming energy systems in low- and middle-income countries. "Scaling the JETP model – prospects and pathways for action" details lessons learned from the first wave of JETPs, identifies roadblocks to the current model, and proposes pathways to scaling JETPs in ways that benefit vulnerable communities. Specifically, The Rockefeller Foundation recommends piloting a new approach to JETPs in a country such as the Philippines, developing a more effective on-ramp for the next wave of interested countries, elevating the role of Multilateral Development Banks (MDBs) in the process, and broadening and deepening support from donor countries.

Key Points: 
  • NEW YORK, Feb. 15, 2024 /PRNewswire/ -- The Rockefeller Foundation released a roadmap to make Just Energy Transition Partnerships (JETPs) a more effective vehicle for transforming energy systems in low- and middle-income countries. "
  • Scaling the JETP model – prospects and pathways for action " details lessons learned from the first wave of JETPs, identifies roadblocks to the current model, and proposes pathways to scaling JETPs in ways that benefit vulnerable communities.
  • While JETPs are a political and financial innovation, the process to date has been slow, and the financing has failed to flow as quickly or at the scale initially promised.
  • Since 2022, The Rockefeller Foundation has collaborated with Climate Smart Ventures (CSV) to assess a possible JETP in the country.

Nigeria Construction Industry Report 2023: Output to Expand by 2.8% in Real-Terms in 2024 Before Recording an AAGR of 3.1% for 2025-2027 - ResearchAndMarkets.com

Retrieved on: 
Monday, January 29, 2024

Construction industry in Nigeria to expand by 2.8% in real terms in 2024, before recording an average annual growth of 3.1% from 2025 to 2027.

Key Points: 
  • Construction industry in Nigeria to expand by 2.8% in real terms in 2024, before recording an average annual growth of 3.1% from 2025 to 2027.
  • In November 2024, the Nigerian President Bola Tinubu unveiled the country's NGN27.5 trillion ($55.1 billion) Budget for 2024; this marks a 10.8% growth compared to the 2023 Budget of NGN24.8 trillion ($49.7 billion).
  • Forecast-period growth in the industry will also be supported by investments in the oil and gas, electricity, transport, industrial, health, and education infrastructure projects.
  • Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Nigeria, featuring details of key growth drivers.

OPEC Fund delivers record results in 2023 with US$1.7 billion in development funding

Retrieved on: 
Monday, January 29, 2024

The organization was established 48 years ago and the 2023 results represent a record in new commitments.

Key Points: 
  • The organization was established 48 years ago and the 2023 results represent a record in new commitments.
  • OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: "In 2023, the OPEC Fund increased its impact through the delivery of development support in a challenging global environment.
  • We were also able to leverage our partnerships to mobilize development support by working with multilateral development banks and development finance institutions such as the Arab Coordination Group.
  • The issuance of the OPEC Fund's benchmark SDG bond raised US$1 billion for sustainable development projects.

OPEC Fund delivers record results in 2023 with US$1.7 billion in development funding

Retrieved on: 
Monday, January 29, 2024

The organization was established 48 years ago and the 2023 results represent a record in new commitments.

Key Points: 
  • The organization was established 48 years ago and the 2023 results represent a record in new commitments.
  • OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: "In 2023, the OPEC Fund increased its impact through the delivery of development support in a challenging global environment.
  • We were also able to leverage our partnerships to mobilize development support by working with multilateral development banks and development finance institutions such as the Arab Coordination Group.
  • The issuance of the OPEC Fund's benchmark SDG bond raised US$1 billion for sustainable development projects.

Allied Climate Partners Makes Inaugural Catalytic Investment, Anchors SEACEF II First Close

Retrieved on: 
Monday, January 22, 2024

NEW YORK, Jan. 21, 2024 /PRNewswire/ -- Allied Climate Partners (ACP), the innovative philanthropic investment organization recently launched at COP28 , today celebrated the first close of the Southeast Asia Clean Energy Fund II (SEACEF II), managed by Clime Capital .

Key Points: 
  • NEW YORK, Jan. 21, 2024 /PRNewswire/ -- Allied Climate Partners (ACP), the innovative philanthropic investment organization recently launched at COP28 , today celebrated the first close of the Southeast Asia Clean Energy Fund II (SEACEF II), managed by Clime Capital .
  • "Managed by Clime Capital, SEACEF II will provide the catalytic capital required for early-stage developers and businesses to deliver renewable energy, energy efficiency, and grid solutions across the region.
  • Allied Climate Partners is proud to be the anchor junior equity investor in SEACEF II, providing SEACEF II with catalytic, first-loss, capital and working alongside Clime Capital to mobilize other investors to participate.
  • As with SEACEF II, ACP anticipates providing catalytic, junior equity to initial investment managers in Africa, the Caribbean & Central America, and India.

Dr. William Ruto, President of Kenya appoints Professor Patrick Verkooijen as Chancellor of the University of Nairobi

Retrieved on: 
Friday, January 12, 2024

Nairobi, Kenya, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Dr. William Ruto, President of Kenya has appointed Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, as Chancellor of the University of Nairobi.

Key Points: 
  • Nairobi, Kenya, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Dr. William Ruto, President of Kenya has appointed Professor Patrick Verkooijen, CEO of the Global Center on Adaptation, as Chancellor of the University of Nairobi.
  • Commenting on the announcement, the president said: “I am thrilled that Professor Verkooijen will be leading the nation’s premier educational institution.
  • The University of Nairobi is and will be, during my watch, the pre-eminent incubator for African talent.”
    Professor Amukowa Anangwe, Chair of the University of Nairobi said: “It is great to have Professor Patrick Verkooijen as the new Chancellor of the University of Nairobi.
  • The university community looks forward to realizing that ambition.”
    Professor Stephen Kiama, Vice-Chancellor of the University of Nairobi said: “I want to thank Professor Verkooijen for accepting to serve as the Chancellor of the University of Nairobi.

The Africa Business Leaders Coalition calls for greater private sector climate action at COP28

Retrieved on: 
Friday, December 8, 2023

It provides a platform for African business leaders to have a unified private sector voice as they actively and meaningfully engage on the continent’s most pressing issues through an organized, forward-looking, principles-based approach.

Key Points: 
  • It provides a platform for African business leaders to have a unified private sector voice as they actively and meaningfully engage on the continent’s most pressing issues through an organized, forward-looking, principles-based approach.
  • The coalition has been instrumental in driving collective climate action through the Africa Business Leaders’ Climate Statement endorsed at COP 27.
  • The Reception convened top-tier executives, heads of private sector entities, heads of states, government officials, and intergovernmental organization representatives to discuss initiatives to propel climate action and sustainable development across Africa.
  • The event aimed to foster engagement between the private and public sector on climate action to underscore the importance of collaboration in shaping an environment to accelerate climate action, including mitigation, adaptation, and resilience.

COP28 Adaptation Finance Summit for Africa

Retrieved on: 
Thursday, November 30, 2023

In a recent report from the Global Center on Adaptation Accelerating Adaptation Finance – Africa and Global Perspectives it is estimated that African countries face an annual financing gap of US$100 billion dollars per year for adaptation.

Key Points: 
  • In a recent report from the Global Center on Adaptation Accelerating Adaptation Finance – Africa and Global Perspectives it is estimated that African countries face an annual financing gap of US$100 billion dollars per year for adaptation.
  • During the Adaptation Finance Summit for Africa:
    African countries will outline how they intend to invest and scale up adaptation to supercharge the continent’s growth and create new jobs underpinned by the International Monetary Fund’s Resilience and Sustainability Trust and AAAP Climate Adaptation Country Compacts.
  • New financial commitments for the US$25 billion Africa Adaptation Acceleration Program (AAAP), the world’s largest adaptation initiative led by the African Development Bank (AfDB), the African Union Commission, and the Global Center on Adaptation will be announced.
  • The Adaptation Finance Ministerial for Africa at the 2024 African Development Bank Annual Meetings will be launched.