Ivory Coast's $500 Million Green Finance Fund: A Green Revolution in West Africa

Ivory Coast is set to establish a $500 million green finance fund to promote sustainable growth, with aid from the IMF. This initiative, part of the African Green Banks Initiative, aims to foster a $1.5 billion investment ecosystem by 2030, addressing Africa's disproportionate climate challenges.

Ivory Coast is taking significant strides in sustainable development by launching a $500 million green finance fund, according to an announcement from the International Monetary Fund (IMF). The move is part of a broader effort to address climate change challenges that disproportionately affect Africa, despite the continent's minimal emissions.

The initiative, to be implemented under the African Green Banks Initiative, aims to establish a $1.5 billion green investment ecosystem across the continent by 2030. The fund will be capitalized by Ivory Coast's government, the Green Climate Fund, the Global Environment Facility, and other public and private contributors.

As the world's leading cocoa producer, Ivory Coast is also drafting new laws for green finance, including a carbon credits management body. The IMF has approved a $1.3 billion lending arrangement for Ivory Coast's climate reforms, highlighting the country's commitment to mitigating climate change effects.

(With inputs from agencies.)