Cape Verdean government finalizes Environmental Climate Fund proposal

Cape Verdean government finalizes Environmental Climate Fund proposal
Cape Verdean government finalizes Environmental Climate Fund proposal

Africa-Press – Cape verde. The Cape Verdean Government plans to take to parliament, later this year, the proposal to create an Environmental Climate Fund, which has an initial capitalization of 12 million euros from Portugal and has other interested partners.

“In the coming days we will discuss the final version [of the proposal] with partners, and we will be this year – I hope the agenda allows it – approving it in the Council of Ministers and taking it to parliament”, said the vice-president. Prime Minister Olavo Correia.

The government official was speaking at the end of the Budget Support Group (GAO) evaluation mission, which recognized advances in the area and encouraged the creation of the fund.

The declaration is also made at the gates of COP28, the 2023 edition of the climate summit, organized by the United Nations, which will take place from Thursday in Dubai, United Arab Emirates.

“We signed a first agreement with Portugal, but we have several other partners interested in this approach”, so, if it manages to meet the schedule, the Government hopes to be working on capitalizing the fund from the beginning of next year.

“At the beginning of next year we will be in a position to move full steam ahead with the capitalization of this fund and, above all, start using it”, in an agenda dedicated to climate action, energy transition, circular economy and access to energy, water, irrigation and sanitation, he said.

The prime ministers of Cape Verde and Portugal signed on August 20, in Lisbon, the agreement in which Portugal undertakes to be the first participant in the fund, with 12 million euros.

The amount corresponds to the amount that would be delivered by the Cape Verdean State, as capital reimbursement, under the Cape Verde Debt Consolidation Contract to Portugal, signed on February 1, 2022.

The conversion of debt into climate financing has been highlighted as an example to be followed by the Cape Verdean Government in international forums.

In the final statement of the assessment to Cape Verde, the GAO today highlighted “the ongoing definition of climate budget indicators” and the commitment of the Government of Cape Verde “to establishing an intersectoral and inclusive governance structure”.

The GAO provides financial support and technical assistance to the State Budget through grants and loans in support of national development priorities, comprising Spain, Luxembourg, Portugal, the European Union, the African Development Bank and the World Bank.

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