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Global Center on Adaptation to increase share of adaptation and resilience investments in Côte d’Ivoire’s EUR 2 billion Sustainable Bond Program

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 The Global Center on Adaptation GCA GCA org signed a Memorandum of Understanding with the Ministry of Economy and Finance of the Republic of C te d Ivoire to improve and increase the proportion of investments in adaptation and resilience financed by the next EUR from the country 2 billion Sustainable Bonds Program C te d Ivoire s Nationally Determined Contributions hellip
Global Center on Adaptation to increase share of adaptation and resilience investments in Côte d’Ivoire’s EUR 2 billion Sustainable Bond Program

NNN: The Global Center on Adaptation (GCA) (GCA.org) signed a Memorandum of Understanding with the Ministry of Economy and Finance of the Republic of Côte d’Ivoire to improve and increase the proportion of investments in adaptation and resilience financed by the next EUR from the country. 2 billion Sustainable Bonds Program.

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Côte d’Ivoire’s Nationally Determined Contributions (NDCs) identify 11 sectors vulnerable to climate change and estimate the total cost of implementing adaptation actions at USD 1.76 billion.

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GCA will support the Republic of Côte d’Ivoire in the identification of ESG projects, with a focus on projects related to climate change and adaptation, through a two-phase intervention:

The immediate focus of GCA’s technical assistance will be on budget assessment and identification of eligible budget expenditures, within the scope of Côte d’Ivoire’s ESG Framework. And in the medium to long term, promote the implementation of processes and tools to:

Classify expenditures related to climate change Track climate-related expenditures in the national budget system (climate budget labeling) and Train relevant government entities on these processes and tools (including the ESG Committee).

In signing the Memorandum of Understanding, Patrick Verkooijen, Executive Director of the Global Adaptation Center, noted that:

“Through this work, GCA will support the Government of Côte d’Ivoire to scale adaptation and resilience by building on the credibility, scale, momentum and liquidity that the green bond market has achieved over the last ten years. We hope that, through our Africa Adaptation Acceleration Program, other countries on the continent will follow the example of Côte d’Ivoire so that funding is available to implement the necessary adaptation actions to ensure the future of life and the livelihoods of people across the continent.

His Excellency Adama Coulibaly, Honorable Minister of Economy and Finance of the Republic of Ivory Coast, said:

“Our goal in issuing the first sustainable sovereign bonds is in line with His Excellency President Alassane Ouattara’s climate policy commitment to accelerate bold action on resilience projects and adaptation finance. Public spending alone cannot fill the adaptation finance gap, so private sector investment must scale alongside government investments to supplement limited resources. We welcome the support of the Global Adaptation Center to provide technical assistance and capacity building to conduct a review of public and institutional climate spending to identify adaptation assets.”

Côte d’Ivoire has formed an ESG Committee to select projects financed by the Sustainable Bonds. The ESG Committee is led by the Ministry of Economy and Finance, specifically the Department of Public Debt and Donations (“Direction de la Dette Publique et des Dons”). It includes representatives from the Ministry of Planning and Development, the Ministry of Budget, and from a variety of sectoral Ministries that cover critical policies related to ESG Eligible Categories, in particular, the Ministry of Environment and Sustainable Development, the Ministry of Health, the Ministry of Education, Ministry of Energy, Ministry of Hydraulics and Ministry of Solidarity and Fight against Poverty.

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