Africa Progress Panel proposes bolder role for GCFSongdo,
The report, titled “Power, People, Planet: Seizing Africa’s Energy and Climate Opportunities,” calls for a “complete overhaul of the climate finance architecture” through the consolidation of “separate multilateral agencies offering facilities to support adaptation […] into a single facility,” under the auspices of which it indicates the Green Climate Fund.
Such merger will likely relieve the “chronically under-financed and fragmented” state of climate finance in Africa, a situation which has prevented financial resources from leading to tangible results, according to the report.
The report also urges developed countries to “set a clear timetable for delivering by 2020 the outstanding USD 70 billion per annum in climate finance.” It calls upon African leaders to “seek transparency in the Paris Agreement on GCF’s growing amounts of new climate finance to developing countries post 2020.”
The Africa Progress Panel consists of ten distinguished individuals from the private and public sectors, who advocate for equitable and sustainable development in Africa. Mr. Kofi Annan, former Secretary-General of the United Nations and Nobel laureate, chairs the panel and is closely involved in its day-to-day work.
The full report is available here.