Saturday, July 13, 2024
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AfDB, TDB join forces to deploy clean technologies to cut carbon emissions in Africa

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The African Development Bank Group has announced a follow-up equity investment of USD 15 million in the Trade and Development Bank Group’s (TDB Group) pioneering Class C Green+ shares to support clean technology and low carbon projects in its member states.

The new capital, to be sourced from the Clean Technology Fund (CTF), will also support the establishment of a project preparation facility to boost investment in clean technologies.

The CTF, part of the Climate Investment Funds, provides resources to developing countries to scale up low-carbon technologies with significant potential for long-term greenhouse gas emissions savings.

TDB launched the unique thematic equity instruments just over a year ago during COP27; the African Development Bank greeted the announcement with an initial investment of USD 15 million. Class C Green+ shares enable TDB Group to leverage funds four times to support qualifying climate and SDG-aligned public and private sector transactions.

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