Climate Action: African Development Bank Joins MDBs in Publishing Principles for Assessment of Paris Agreement Alignment | African Development Bank Group

The African Development Bank and other multilateral development institutions have released a set of principles to ensure that climate finance is in line with the goals of the Paris Agreement.

The MDBs work together to help accelerate the successful transition to a low-carbon and climate-resilient future by supporting appropriate long-term development pathways in line with the objectives of the Paris Agreement. In addition to the African Development Bank, the MDBs involved are the Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank Group, Islamic Development Bank, New Development Bank and the World Bank Group.

The Paris Alignment methodologies are the result of harmonization efforts and provide guidance on how projects should be structured to comply with the Paris climate agreements. Following the signing of the Paris Agreement by the parties, the MDBs committed themselves to align their financial flows in 2017 with the objectives of the Paris Agreement.

The methodologies take into account the concept of common but differentiated responsibilities and respective capabilities as set out in the Paris Agreement. For African countries, these are determined through their Nationally Determined Contributions (NDCs). Further, as set out in the Paris Agreement, developed countries are required to provide financial resources to support developing countries’ mitigation and adaptation efforts. In line with its commitment to the goals of the Paris Agreement, the African Development Bank Group is committed to increasing efforts to mobilize resources to achieve these goals.

Anthony Nyong, Bank Group Director for Climate Change and Green Growth, said: “We are very pleased with the publication of these high-level principles as they represent an important milestone for the MDBs’ work to close all financial flows. vote in favor of the goals of the Paris Agreement. As MDBs begin to adopt these principles across the board, we remain committed to strengthening the capacity of African countries to deliver on their NDCs.”

To ensure a consistent approach in implementing the Paris commitments, in 2019 the MDBs developed an approach for aligning activities with the Paris targets, based on six building blocks: alignment with mitigation targets; adaptation and climate-proof operations; accelerated contribution to the transition through climate finance; involvement and support in policy development; reports; and alignment of internal activities.

The Principles informed the African Development Bank of its own detailed implementation of its Paris Alignment commitment to ensure that all investments are screened for Paris Alignment by the end of 2023.

Click on the links below to download the specific principles: