The West African Development Bank (BOAD) (www.BOAD.org), organized a high-level workshop on climate finance in Cotonou, in partnership with the European Union. The event brought together key public and private stakeholders from across West Africa with the aim of standardizing the feasibility studies for climate projects and enhancing the mechanisms to replenish the Climate Study Fund (CSF).

The Climate Study Fund, established by decision No. 069 of the WAMU Council of Ministers on 22 September 2023, aims to address the growing challenges WAEMU countries face in the fight against climate change. During the seminar, discussions highlighted the need to accelerate climate investments and increase climate finance mobilization.

The Vice-President of BOAD, Mr. Moustapha Ben-Barka expressing his appreciation for the initiative stated: “the Cotonou Declaration marks a decisive turning point towards a climate-resilient economy, reaffirming our collective commitment to sustainable development across the WAEMU region’’.

Standardization and funding mechanisms

The seminar successfully introduced a baseline sectoral framework for conducting climate project feasibility studies. This structured approach will simplify the mainstreaming of climate co-benefits and Sustainable Development Goals (SDGs) into projects throughout the region. In parallel, participants explored various avenues to replenish the funding mechanisms of the Climate Study Fund, focusing on innovative financing solutions suited to regional contexts. This will enable better structuring of climate-related projects and guarantee their long-term sustainability.

Tangible results for the future

The Cotonou Declaration formalizes the outcomes of this seminar and will be presented to the Finance Ministers of member countries, with a view toward adoption at the Conference of Heads of State. This document will serve as a strategic roadmap, ensuring the sustainable financing of climate project studies at the regional level.