Ivory Coast is set to launch a $500 million green finance fund aimed at supporting sustainable development, the International Monetary Fund (IMF) announced on Wednesday.
The Ivorian government introduced the fund at the COP29 summit in Azerbaijan, where global leaders gathered to discuss climate action. The fund will pool resources from multiple public sources, including the Ivorian government, the UN’s Green Climate Fund, development banks, and potentially private investors, according to the IMF.
In addition, Vice President Tiemoko Meyliet Kone, who represented Ivory Coast at the summit, confirmed that the government had agreed with the IMF on further green initiatives. These include establishing a climate resilience facility, setting up a carbon market office, and introducing a climate change bill.
Kone also urged wealthier nations responsible for the majority of greenhouse gas emissions to step up their efforts by reducing emissions, enhancing access to climate technology, and accelerating energy transition funding for developing countries.
Despite contributing only around four percent of global greenhouse gas emissions, Africa is highly vulnerable to climate impacts, noted the World Meteorological Organization. Ivory Coast, which has historically relied on agriculture, is now diversifying its economy with interests in raw materials, oil, and gas following recent resource discoveries.
