BY SIFISO NHLABATSI
MBABANE- The African Union (AU) has stated that it is ready to work with development finance institutions, governments, multilateral partners, philanthropies and the private sector to accelerate investment in climate resilience and sustainable development across the continent.
Speaking on behalf of the African Union Commission during a high-level roundtable at the 81st United Nations General Assembly (UNGA81) in New York, Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment Moses Vilakati said stronger partnerships were needed to mobilise financing for Africa’s development priorities.
Vilakati said the continent continued to face increasing droughts, floods, water stress and other climate shocks that threaten communities, ecosystems and economic growth.
“The African Union stands ready to work with development finance institutions, multilateral partners, governments, philanthropy, and the private sector to accelerate investment in water, climate resilience, food systems transformation, and green job creation,” he said.
The roundtable, held under the theme Financing Resilience: Regional Dialogue on Innovative Climate Finance, was jointly convened by the United Nations Capital Development Fund (UNCDF) and the Trade and Development Fund (TDF).
Vilakati welcomed the AquaBonds Initiative and the Regional Climate Resilience SME Facility, saying the initiatives demonstrated how innovative financing could link resilient infrastructure with support for enterprises driving local economies and creating employment, particularly for women and youth.
He said blended finance, capital markets, guarantees and concessional instruments could mobilise larger pools of investment for African priorities beyond traditional aid models.
The Commissioner also highlighted green bonds in Kenya and Rwanda’s Ireme Invest Facility as examples of African-led approaches to climate finance.
He called for adaptation finance to be substantially increased, with innovative financing mechanisms scaled up and resources reaching local governments, utilities, farmers and small and medium enterprises where resilience is most needed.
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(Courtesy Pic)
