African leaders launch climate change fund
Malawi and other African countries now stand a chance to cash in on enhancing their respective climate change investments following the launch of a K400 billion climate change fund.
The fund is as a result of African leaders currently attending the United Nations (UN) Climate Change Summit in New York, United States of America establishing the African Risk Capacity (ARC) Extreme Climate Facility (ECF), a multi-year funding mechanism aimed at strengthening the fight against global warming and climate change.
According to a statement released on Tuesday, countries will access capital to fund climate change adaptation in the event that weather shocks such as extreme heat, droughts, floods and cyclones increase in occurrence and intensity across the continent.
“There will be bonds—planned to be issued in 2016—which will provide additional financing to participating countries to enhance their climate adaptation investments,” reads the statement.
Following the introduction of the fund, ARC will work with African States and their partners towards having an effective climate facility design when nations convene in Paris next year for the UN Climate Change Conference.
The recent move by the African leaders seems to take heed of earlier research findings by experts who highlighted the need for the continent to invest between $10 and $20 billion annually to prepare for a two-degree Celsius warmer world.
