Prof. Mthuli Ncube, Chief Economist and Vice President of the African Development Bank (AfDB) said at a press conference in Addis Ababa during the Africa Economic Commission (AEC) Conference on Green Economy and Structural Transformation that the Fund is still being conceptualised and depending on how fast progress is made in identifying sources of funding the Fund will kick-start.
He said the money is expected to come from countries in the north and from Africa. He mentioned among others, pension funds as some of the sources from which the money would be raised.
Later in an exclusive interview with ghanabusinessnews.com, he said the Fund is designed around the climate change issue. “It is just to make sure that this opportunity around climate change, doesn't become a curse, but only becomes an opportunity," he said.
He told ghanabusinessnews.com that the fund would be used to finance green projects in infrastructure such as dams, hydro-electric power generation, geothermal, wind farms, and any form of clean energy will fall under the umbrella of the Fund.
He said the Fund will also cater for the AfDB's socio-economic programme such as the Sahel programme in Mali to address the challenges posed by desertification by reducing its impacts on farmers. It would also be used to provide irrigation schemes for farmers to reduce their dependence on the rains, he said. Read the full report here.
Source: Ghana Business News.
