CTI PFAN Launches Initiative to Mobilize Private Sector Adaptation Finance
13 July 2012: The Private Financing Advisory Network (PFAN) of the Climate Technology Initiative (CTI) held an Africa Workshop for Adaptation Financing, which launched one of the first multilateral initiatives to engage private sector and commercial financing in adaptation activities.
During the pilot phase of the initiative, CTI PFAN envisages leveraging up to US22 million of private sector investment and financing for adaptation projects in Africa in key development sectors, including agriculture and agri-business, access to energy, water and sanitation, tourism and urban development. Specifically, the Initiative will identify, engage and mobilize private sector investments to assist in reducing climate vulnerability and improve the adaptive capacity of developing countries. The initiative, lauded for creating an innovative financing mechanisms, will help ensure the success of adaptation-related projects.
The workshop brought together over 80 delegates in Nairobi, Kenya, from 13-14 June 2012, to address aspects of adaption financing. They also discussed the structure and focus of new initiatives and maximizing project impacts, with five projects in Kenya, Mozambique and Uganda selected to be implemented during the pilot phase of the new initiative. Co-organizers of the event included the Greening of Kenya Initiative (GKI) of the Government of Kenya and the UN Environment Programme (UNEP).
PFAN is a multilateral, public-private partnership initiated by CTI in cooperation with the UNFCCC Expert Group on Technology Transfer. PFAN operates to bridge the gap between investments and clean energy businesses. [CTI PFAN Press Release]