The ACCF is a multi-donor trust fund that backs the African Development Bank Group’s target of tripling its climate financing and advancing Africa’s climate resilience. The two countries joined the Fund in late 2022, bringing its current donors to seven. The other donors are the Government of Italy; the Government of Flanders (Belgium); the Government of Quebec (Canada); Global Affairs Canada; and the Global Center on Adaptation.
In separate statements, Harald Waiglein (director general at Austria’s Federal Ministry of Finance) and Sean Fleming (Ireland’s minister for International Development and the Diaspora) expressed each country’s commitment to support African communities in tackling climate change with a strong focus on adaptation.
“We consider [the update of nationally determined contributions and long-term climate strategies of African countries] essential to combat climate change and further sustainable development,” said Waiglein.
Fleming stated that Ireland plans to more than double its climate finance to developing countries by 2025.
Professor Anthony Nyong, director of Climate Change and Green Growth at the African Development Bank welcomed Ireland and Austria as donors to ACCF.
“These new funds will enable the ACCF to support the preparation and strengthening of NDCs and Long-Term Strategies in African countries and to support projects already identified through ACCF’s third call for proposals,” Nyong said.
The African Development Bank established the Africa Climate Change Fund in April 2014 with initial financing of €4.725m from Germany. Its mission is to support African countries in building their resilience to the negative impacts of climate change and transition to sustainable low-carbon growth.
The ACCF was converted to a multi-donor trust fund in 2017 with contributions from the governments of Flanders, Belgium, and Italy. The current value of the trust fund is $28.8 million.
Since its inception, the Fund has approved 27 grants worth $16.89 million and completed seven projects that have helped build capacity to access international climate finance in over 26 African countries. ACCF projects have also enabled countries to mobilize climate finance and implement small-scale adaptation strategies to enhance climate resilience.
The ACCF supports projects through competitive calls for proposals and a demand-driven window. These new funds will be channeled via these windows.