The Government of Côte d'Ivoire has unveiled a series of initiatives aimed at enhancing climate financing, as announced at COP29 in Baku. This move is part of the country's efforts to meet its Nationally Determined Contribution (NDC) targets, which require an estimated $22 billion by 2030.
In July 2024, a joint roundtable was held in Abidjan with the International Monetary Fund (IMF), the World Bank Group, and Côte d'Ivoire's development partners. The discussions focused on innovative climate finance options for the country. Key achievements since this meeting include the establishment of a governance framework supported by the Climate Action Group of Partners.
A decree issued on June 26, 2024, led to the creation of a National Commission on Climate Change under the Prime Minister's office. An Executive Secretariat supports its operations, and in October 2024, it delivered its first climate change report. The government has also adopted a Climate Change Law proposing a National Climate Agency and established a Carbon Market Bureau by Decree No. 2024-658 on August 1, 2024.
The IMF approved the Resilience and Sustainability Facility (RSF) arrangement in March 2024 for about $1.3 billion over 30 months to support climate change reforms. Completion of the second RSF review could lead to disbursement of approximately $327 million for strengthening climate policies governance.
Additionally, Côte d'Ivoire and donor partners are developing a Joint Framework for budget support coordination to scale up climate financing. Contributors include entities like the African Development Bank and Agence Française de Développement.
Côte d'Ivoire has identified an initial pipeline of high-priority projects worth over $16 billion as part of scaling mitigation and adaptation actions. The Global Center on Adaptation is working with EIB support through the Africa Adaptation Acceleration Program’s Upstream Financing Facility to enhance climate resilience.
Under the Global Environment Facility "Net Zero Nature Positive Accelerator Program," $6 million in grant financing will be provided alongside $57 million in co-financing for sustainable agro-forestry and ecosystem restoration efforts. Additionally, investments are being made in low-emissions transportation options with grants totaling $2 million plus $13 million in co-financing.
To accelerate green growth, Côte d'Ivoire is establishing a blended finance facility under AfDB's African Green Banks Initiative with support from various financial sources including public funds and potential private investors.
Efforts are underway to mobilize private sector investment through initiatives such as those led by IFC under their Joint Capital Markets Program with the World Bank Group.