(Ecofin Agency) - The two institutions have agreed to reinforce their collaboration in raising funds for green projects. The West African Economic and Monetary Union (WAEMU) alone aims to raise over $100 billion by 2030 to achieve its climate objectives.

The WAEMU Commission reached a partnership agreement with the West African Development Bank (WADB) to promote green projects and fight climate change on the continent.

The deal, reached at COP 28 in Dubai, is an important step in raising the $100 billion needed by 2030 for the eight member countries to finance their Nationally Determined Contributions (NDCs). Serge Ekué, the president of WADB, said it will enhance synergy between WADB and WAEMU in implementing regional projects aimed at reinforcing regional integration. He reiterated the bank's commitment to allocate 25% of its total climate commitments (around $1.5 billion), between 2021 and 2025.

Serge Ekué advocated for establishing a suitable regulatory framework. Abdoulaye Diop, the president of the WAEMU Commission, echoed this call, underscoring the significance of his organization's regulatory tools in coordinating and aligning climate actions. He cited examples such as managing ozone-depleting substances and promoting renewable energy.

During the Cop 28 in Dubai, the ministers of the Environment from WAEMU member states—Togo, Mali, Côte d'Ivoire, Burkina Faso—unanimously affirmed the necessity for collective action to address climate challenges. They highlighted the direct impact of these changes on the lives of people living in the WAEMU zone, one of the most affected regions globally.

The WADB, which was recently reaccredited and granted an elevated status by the Green Climate Fund -allowing for the implementation of green projects mobilizing up to $200 million, has introduced its Climate Study Fund (FEC). The latter is a mechanism intended to support climate project holders through the execution of specific feasibility studies.