UNEP Announces Expansion of African Carbon Asset Development Facility
1 June 2012: The UN Environment Programme (UNEP) has announced that the African Carbon Asset Development (ACAD) Facility will be scaled-up in an effort to boost Africa's carbon market, through the contribution of additional funds from the French Global Environment Facility (GEF).
The ACAD Facility, which was formed by UNEP in cooperation with Standard Bank, acts as an incubator for developing carbon projects steered by UNEP. According to UNEP, the decision to launch the second phase of the Facility was driven by the success of the first phase, which was funded by the German Government's International Climate Initiative. The second phase intends to support at least 20 additional projects in Africa by the end of 2013, increasing local financial capacity to invest in green projects.
As a result of the expansion plans, ACAD has launched a new call for both new projects and financial partners. UNEP indicated that Standard Bank will continue its public-private partnership with ACAD, channelling seed capital into replicable projects and business models. [UNEP Press Release] [ACAD Facility Website]