Defining recommendations for project preparation facilities for low emission development in West Africa
The Western African Economic and Monetary Union (WAEMU) is an organization of 8 countries*, including 7 Least Developed Countries (LDCs), in turn representing more than 3000 local governments. Engaged in the Sustainable Development Goals (SDGs) implementation, the Global Action Agenda (formerly known as the Lima-Paris Action Agenda – LPAA), and committed to ensuring an integrated local development, WAEMU is supported by FMDV and ICLEI in creating a regional financial mechanism dedicated to subnational governments of the Union, integrating a specific focus on climate mitigation.
One of the objectives of this mechanism is to support project preparation of local governments, either through direct support to project leaders or through existing financial institutions dedicated to local development.
PPF aims and objectives
Within this framework, the PPF project aims at developing and/or reinforcing replicable climate project preparation facilities within the existing public financial institutions at regional level (the West African Development Bank – BOAD, the future WAEMU mechanism) and at national level (Municipal development funds). This could also be relevant to easing the flow of international climate finance (e.g. Green Climate Fund) through these intermediaries.
PPF’s innovative approach considers:
- the vertical integration of efforts to accelerate climate investment, while reinforcing the capacity of financial institutions;
- the potential diversified resources and services offered by financial institutions enabling them to act as accelerators of climate investment at the local level;
- the creation of a culture of addressing climate mitigation / low emission development among local and national financial institutions in WAEMU constituent countries.
* Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal, Togo and Guinea-Bissau.