Africa will be able to count on the support of €1 billion in investments from the EU budget, the European Investment Bank (EIB) and four Member States, under a ‘Team Europe’ initiative announced on Wednesday 16 November by the European Commission at COP27 in Sharm El Sheikh - an African COP.
“This is just a starting point”, stressed European Commission Executive Vice-President Frans Timmermans.
While Denmark, France, Germany and the Netherlands are the first countries to participate, the initiative is open to other Member States and development banks, as well as the private sector.
€60 million of the total amount pledged will be dedicated to financial compensation for the loss and damage suffered by African countries - modest contributors to global greenhouse gas emissions yet among the most vulnerable to the impact of climate change.
The initiative will focus on: - strengthening early warning systems at regional and national levels, strengthening governance and promoting risk-based decision making; - development and implementation of climate and disaster risk financing and insurance tools and mechanisms; - rapid access to insurance after floods or droughts.
The contribution of the EU budget consists of a combination of existing and future adaptation programmes. It is part of the €150 billion Africa-Europe Global Gateway investment package promised by Ursula von der Leyen at the sixth EU-Africa summit in February (see EUROPE 12894/1).
Funds and guarantees provided by development banks and the private sector should serve as a multiplier to reach this amount, according to the European Commission.
This ‘Team Europe’ initiative for ‘Adaptation and Resilience in Africa’ will build on the strengthened political dialogue between the EU and the African Union on these issues, and the coordination that is now taking place between the EU and its Member States. (Original version in French by Aminata Niang)