West African and Sahelian countries received only $11.7 billion between 2013 and 2019, representing 7% of their funding needs for nature and climate by 2030, underlined BOAD and UEMOA who are considering better fundraising strategies.
“Between 2013 and 2019, countries in West Africa and the Sahel received a total of $11.7 million in international funding,” Professor Kako Kossivi Nubukpo said on Monday.
The Commissioner of the West African Economic and Monetary Union (UEMOA) in charge of Agriculture, Water Resources and the Environment, spoke Monday in Ouagadougou, at the opening of a three-day workshop , co-organized with the West African Development Bank (BOAD).
According to Professor Nubukpo, this amount “is completely insufficient” to meet climate challenges by 2030, since it represents only 7% of the total financing needs declared in the NDC (Nationally Determined Contributions) benchmarks of those countries.
The workshop on financing strategies in favor of nature and climate in the UEMOA space, has two objectives according to Pr Kako Kossivi Nubukpo.
The first step will be to reflect on how, within the framework of multilateral agreements, States can mobilize the maximum amount of funding for their NDC.
In a second step, Pr Nubukpo noted the need to increase the coherence of the interventions of sub-regional organizations so that they can support the member states of WAEMU as best as possible.
“It is time, given the importance of the issues, for there to be increased mobilization of States but also of regional organizations so that together we can achieve a structural transformation of West African economies based on the recognition the preservation of natural ecosystems,” said the Commissioner.
BOAD’s Director of Innovation and Sustainable Development, Valérie Noëlle Kodjo Diop, said her institution is committed to supporting solutions to stem biodiversity loss, restore ecosystems and species, drive systemic change throughout the supply chain and beyond.
Ms. Kodjo Diop strongly believes that there is an inextricable link between climate and nature, as the destruction of natural habitats decreases climate resilience.
In his opinion, tackling climate change will require focusing on reducing CO2 emissions and rapidly decarbonizing the economy.
The Burkinabè Minister in charge of the Environment, Colonel of Waters and Forests, Dr Augustin Kaboré, recalled that his country is committed to reducing its greenhouse gas emissions by 31,682.3 Gigagrams per year. horizon 2030, i.e. almost 29.42% compared to the reference scenario.
For Dr. Kaboré, the member countries of UEMOA are among the countries that are most exposed to exogenous shocks linked to nature and climate such as the recurrence of food and nutritional insecurity, land degradation and the loss of biodiversity.
The Minister hoped that the framework for exchanges and sharing of experiences initiated by WAEMU and BOAD, will allow an increased mobilization of financial resources to face these challenges and green the economies.
Source: Burkina Information Agency