Central Bank, IFC host climate business forum

Central Bank of Kenya (CBK) has tapped the International Finance Corporation (IFC) to launch a forum on financing the climate economy.

Meant to present practical and innovative solutions aimed at unlocking the vast financial resources required for Africa’s transition to a low-carbon, the Nairobi forum is also pushing for resilience, and an all-inclusive economic growth agenda.

This comes after the success of the Africa Climate Summit held in Nairobi in September and is focusing on decarbonising growth, carbon markets, green cities, climate-smart agriculture, and sustainable finance and capital markets

. The forum deliberates on strategies to bridge the climate finance gap in Africa, in a deal estimated at $190 billion annually from now until 2030, for mitigation efforts, and an additional $50 billion per year through 2050 for adaptation.

“While we need to scale up climate financing, it is also imperative that the players in the real economy be part of the conversation. The transition to a green low carbon and climate resilient economy presents opportunities not just for corporates but also micro, small and medium Enterprises and households,” said CBK governor Kamau Thugge.