BofA, AFC to convene policy makers for innovative finance against climate change
By Onome Amuge
The Bank of America (BofA) and Africa Finance Corporation (AFC) have announced a partnership focused on convening a group of policy makers to frame financial innovations that are needed to advance the partnership between the United States and Africa on tackling global climate change.
The high-level curated event is set to take place in Washington D.C. on December 15, during the forthcoming U.S.- Africa Leaders Summit.
Samaila Zubairu, president & CEO of Africa Finance Corporation, noted that the corporation is one of the largest investors in renewable energy in Africa. He added that AFC is leveraging the US-Africa Leaders Summit to call upon U.S. impact investors, philanthropists, fund managers, and research and technology institutions to join the corporation in developing global standards for carbon trading, providing safer and less polluting energy alternatives for the millions of Africans that cook with firewood, and overcoming the challenge of energy poverty in Africa today.
On his part, Yvonne Ike, head of sub-Saharan Africa (ex-RSA), Bank of America, said the BofA has doubled down on AFC’s commitment to clean technology, targeting growth in its renewable energy Platform from 1.4GW to 5GW by 2025.
Ike added that the BofA welcomes meaningful discussion on finding ways to crowd in further stakeholders.
“We need strong partners to work with in resolving some of this century’s accelerating challenges for Africa: climate change, energy and technology. Identifying institutions with the ability to develop, deliver and scale solutions is critical to addressing financing gaps and accessing opportunities to mobilize capital more effectively in Africa,” he said.
The United States recently issued a new policy towards Africa that seeks partnership with African institutions to address key global challenges, particularly in relation to energy, global climate change and technology. AFC and Bank of America emphasised that there is no better time than now for Africa to play a central role, working with the United States and other developed economies in solving these global challenges.
The event will feature an interactive conversation among experts, led by Samaila Zubairu and Yvonne Ike, and moderated by Teresa Clarke, chair of Africa.com.
“The goal of the evening is to end with new ideas, new and stronger relationships, and specific action items that will lead to creative financing solutions as Africa moves forward in addressing global climate change,” said Clarke