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A study has shown that a combination of Green Banks working alongside National Climate Change Funds (NCCF) has the potential to scale private investment in support of climate and sustainable development goals. The Scoping Report is by the African Development Bank (AfDB) and the Climate Investment Funds (CIF) titled “Potential for Green Banks and National […]
A study has shown that a combination of Green Banks working alongside National Climate Change Funds (NCCF) has the potential to scale private investment in support of climate and sustainable development goals.
The Scoping Report is by the African Development Bank (AfDB) and the Climate Investment Funds (CIF) titled “Potential for Green Banks and National Climate Change Funds in Africa”.
The report, published in March, is expected to underpin the development of a multi-country climate finance initiative in Africa.
A green bank is a financial institution, typically public or quasi-public, that uses innovative financing techniques and market development tools in partnership with the private sector to accelerate deployment of clean energy technologies.
The report’s Executive Summary showed that Green Banks, structured as either new institutions or adaptations of existing institutions, were designed to address market gaps and strengthen national ownership of climate finance.
Green Banks, the summary noted, move problem-solving to the national level, empowering developing countries to better access international financial resources.
“As catalytic facilities, they are designed to “crowd in” and increase private investment in low-carbon and climate-resilient projects.
Green Banks typically use a blended finance approach, with capitalisation coming from a variety of public and private sources, including bilateral donors, climate funds and national treasuries.
“In developing economies, Green Banks can be most effective when paired with national Green Funds to provide integrated access to an effective combination of grants and finance, suited to local market conditions.
“This approach is being developed in Rwanda through an integration of their existing Green Fund with a new Green Bank.”
The report also showed the role of green banks and national climate change funds in mobilising finance to support low-carbon, climate-resilient development in Africa.
According to the report, a combination of green grant programmes and catalytic climate finance facilities focused on how the low-carbon and sustainable development sectors could help to boost private sector participation and mobilise support from global development partner institutions.
The report revealed that renewable energy and climate-smart agriculture were the two sectors that stood out as priorities across the study countries.
It also showed that green cities infrastructure was another potential priority sector in several of the countries engaged in the study.
Furthermore, the report stated that for countries to better access and mobilise private investment, the climate finance system must reorient toward national financial capacity that can channel capital to projects and markets where it is needed most.
It also noted that locally-based Green Banks were powerful tools to address market needs, understand local risk and drive private investment when paired with effective grant programs through NCCF, and strong enabling environments and policies.
“By creating and capitalising such vehicles from a mix of domestic and international sources, countries can mobilise funds from diaspora, development finance institutions, national financial institutions, private investors, asset managers, sovereign wealth funds, and more.”
According to the report, the methodology and approach used for this study are designed to raise awareness about NCCF and Green Banks and explore initial market conditions and high-level recommendations towards Green Bank and NCCF formation in six study countries, located in Africa.
The six countries selected to participate are Ghana, Zambia, Uganda, Tunisia, Mozambique and Benin.
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The Federal Government, on Thursday pledged to pay full compensation to communities displaced by the construction of the 700 megawatts, Zungeru Hydro Power Plant in Niger state.
This is contained in a statement by Mr Bolaji Tunji, Special Adviser, Strategic Communication and Media Relations to the Minister of Power, Mr Adebayo Adelabu.
The statement indicated that the minister made the commitment to pay the compensation to the displaced communities when he met with the Compensation and Resettlement Committee of the Zungeru Power Plant led by the Deputy Governor of the state, Alhaji Yakubu Garba in Abuja.
Adelabu, the statement revealed, stressed the need for proper identification of the affected communities as more than 300 of them have presented claims for compensation and resettlement after an initial agreement.
He thanked the host communities and the Niger State Government for allocating land for the power project.
He, however, decried a situation where host communities to the power project would all come to claim compensation over the location.
The minister, the statement further indicated, said only 133 communities were identified by the Ministry of Power when the Zungeru Power Project was to be sited.
According to him, he was surprised that during the engagement, more than 200 communities were added to those originally identified for compensation and resettlement.
“I want to plead with the committee, the host communities, and all other interested parties to understand that this (Zungeru hydro power project) is a national asset for all of us.
“In as much as the Federal Government is willing and ready to meet its obligations to the affected communities, they must also be ready and be sincere, in their demands and claims,” he said.
The minister urged the committee to prevail on the people of the area to cooperate with the Federal Government as the details of the outstanding payments were being worked out.
“Let me appreciate the Governor of Niger State, Umaru Bago, for his wonderful, positive intervention on this issue.
“The fact that he has asked his deputy to take charge shows and demonstrates a high commitment to resolving the issue.
“The Federal Government is fully appreciative of your commitment and efforts at resolving the issues around the payment of the balance of the compensation for the host communities on the Zungeru Power Plant site.
“Let me re-emphasise the determination of the Federal Government in the resettlement and compensation of those displaced by the project.
“This is paramount to us and I am happy to note that 90 per cent of those affected have been settled.
“I want to say also that even if it is only one person that is left to be so compensated and resettled, we are committed to that,” he said.
Adelabu expressed the Federal Government’s gratitude to the Niger State Government for the role it played in restraining members of the affected communities from taking the law into their hands.
He assured them of the government’s readiness to meet its obligation to them.
The minister said the fact that Jebba, Kainji, Shiroro, and Zungeru (80 per cent of the country’s hydro-power stations) are all located in Niger State underscored the important position the state occupies in the life of the nation.
“I appreciate the role played by the committee and its cooperation with our ministry and the Federal Government.
“So, let me say that whatever we have will be paid in the shortest time possible.
“I am happy that we have been able to pay N22 billion out of the compensation and from our records. We have N2.2 billion remaining for payment.
“’New figures have been presented here today, but we will go back as a ministry and verify these claims.
“Let us all bear in mind that the Federal Government is facing a paucity of funds,” he said.
The minister said that there were many issues competing for government attention that need to be addressed according to what is available in terms of revenue.
Responding, the deputy governor expressed the state government’s appreciation for bringing the project to Niger state and also for showing the will to cooperate with the Federal Government to ensure its success.
“I want to let you know that because the governor is interested in ensuring this project succeeds, he has asked me to take on chairmanship of the committee.
“We report to him regularly and he has ensured that the communities are restrained from taking laws into their hands.
“We are happy that we are taking a positive report back home to our people and we promise that those that were misled into taking their cases to court, would be advised to withdraw them,” he said.
Supreme Desk
