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GFANZ Launches Africa Regional Network

The Glasgow Financial Alliance for Net Zero (GFANZ) has announced the formation of an Africa network, with a central office to be based in Nairobi. An advisory board has also been created to boost the continent’s transition finance opportunities. GFANZ’ Africa Network aims to “unlock” investment and support engagement with African financial institutions, with just 2% of global investments in renewable energy in the last 20 years being made in Africa. It will work with African banks, asset owners and managers and insurers, supporting the capacity-building on climate finance required to meet the needs of local institutions in their transition to net zero. It will also work with policymakers, regulators, and multilateral development banks as it seeks to develop its understanding of the country-specific conditions required to accelerate and enable financial flows for climate investment opportunities across Africa. The launch of GFANZ’s Africa network follows its Asia-Pacific network and will be followed by a Latin America network in the near future. Michael R. Bloomberg, GFANZ’s Co-Chair and UN Special Envoy for Climate Ambition and Solutions, said: “African countries have enormous renewable power potential and many are making great progress tapping into those resources, expanding access to affordable energy while cutting pollution and creating jobs. The GFANZ Africa network will bring public and private sector leaders together to help fix that and accelerate progress around the continent.” 

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