Launch of the Climate Studies Fund

Background

Climate change is one of the most critical challenges of our time, affecting nations worldwide. Its large-scale consequences threaten the well-being of communities around the world. Despite a low contribution to global warming and a limited climate footprint, Africa is bearing the brunt of the impacts of global warming, partly because of its geographical position and its low standard of living.

Mindful of the adverse impacts of climate change on food security, water resources, public health and the economies of WAEMU countries, the WAEMU Commission and the West African Development Bank (BOAD) held a regional workshop on nature and climate financing strategies from 3 to 5 April 2023 in Ouagadougou, Burkina Faso. The main objective of this regional workshop was to establish a dialogue between the leading public and private players in the WAEMU region, focusing on financing strategies and opportunities aimed at protecting nature and addressing climate change. The event provided an opportunity to discuss the challenges and opportunities related to financing environmental and climate projects in the region.

This meeting builds on the regional workshop by providing a platform to share specific views and experiences, and to further explore ways of implementing the discussions and ideas that emerged from the workshop. Consequently, this meeting with the focal points will provide an opportunity to take stock of the implementation of the recommendations from the regional workshop, making a substantial contribution to the field of environmental and climate finance in West Africa. It will also promote coherence and collaboration between public, private and institutional players involved in the fight against climate change and nature conservation within the region.

 Objective:

The main objective is to further discussions with stakeholders in the WAEMU region on the mobilization of financial resources dedicated to the climate. More specifically, it will make it possible to:

- Take stock of actions implemented in line with the recommendations of the Climate-Nature Finance workshop held in Ouagadougou by all stakeholders (BOAD, CRC, WAEMU Comission, Société Générale).

- Share BOAD's resource mobilisation strategy with the focal points and the readiness programme

Expected outcomes

- The meeting will have fostered a follow-up to the recommendations of the Ouagadougou workshop and consequently a strengthening of collaboration between the focal points, BOAD and other development partners, thereby creating opportunities for joint projects.

- The participants will have gained a better understanding of BOAD's resource mobilization strategy and of the readiness programme, as well as of the opportunities for financing environmental and climate projects.