The COP of Action as it is often referred to, was an opportunity to start the important process of turning the UN’s Paris Agreement into a detailed blueprint for action. Many countries used the occasion to announce new initiatives, strategies and finance.
A key priority of COP22 was how we can unlock finance for this transition and what practical steps can us take and tools to put in place to facilitate directing the necessary funds to green projects.
The financial sector overall will be play a decisive role in the climate transition everywhere. It is already showing strong interest for green finance. This is highlighted by outstanding increase in the amount of green bonds issued every year globally: 80 Billion USD in 2016 and 150 billion is expected in 2017 according to the Climate Bonds Initiative at the back of the Paris Agreement.
As part of the COP22 Finance Day, African capital market regulators and exchanges gathered to commit to fostering green capital markets in Africa through a collective commitment.
The Marrakech Pledge for fostering Green Capital Markets in Africa was born to a voluntary expression of African capitals markets’ actors to join forces in promoting the continent as a green finance hub in the service of sustainable development.
The signing ceremony took place at the COP22 Bleu zone on November 16th, 2016 on the presence of ten (10) signatories and prominent personalities from the African financial sector.
The event was one of the top ten resolutions of the COP22.