World Bank Launches New Sustainable Finance Center

The World Bank Group and Partners has launched a new initiative to foster sustainable finance in Francophone Africa. The Sustainable Finance Knowledge Center is a virtual platform available in English and French, designed to empower financial institutions and businesses to integrate sustainability into their core operations. This initiative comes at a critical time, as Africa, despite contributing minimally to global warming, is disproportionately affected by climate change.

Africa is home to 17 of the 20 most vulnerable countries to climate change, with climate-related costs between 2% and 9% of national budgets. The Sahel region in Francophone Africa is particularly vulnerable, facing extreme weather, droughts, and rising sea levels. These climate-induced challenges threaten the region's economic growth, food security, and overall development.

The Knowledge Center addresses these pressing issues by providing essential tools, training, and resources to build a more sustainable future. It focuses on critical sectors like agriculture and water management, which are vital to the region's food security and economic resilience. By equipping local institutions with the necessary expertise, the Center empowers them to develop and implement effective climate strategies.

The initiative is a collaborative effort between the World Bank's Green Bond Technical Assistance Program (GB-TAP), the Compact with Africa Green Business Fund (CwA-GBF), the West African Development Bank (BOAD), the Luxembourg Stock Exchange, the Financial Markets Authority of the West African Monetary Union (AMF-UMOA), and the SME Finance Forum. This partnership leverages the collective expertise of these institutions to drive sustainable finance in Francophone Africa.

The launch of the Sustainable Finance Knowledge Center marks a significant step towards a greener and more resilient future for Francophone Africa. By fostering sustainable practices and promoting climate-friendly investments, the Center will help the region navigate the challenges of climate change and seize the opportunities for a sustainable economy.