As part of the ECOWAS Need-Based-Finance (NBF) project, the ECOWAS Commission and the West African Alliance on Carbon Markets and Climate Finance (WAACMCF), with support from the UNFCCC secretariat and its Regional Collaboration Center (RCC Lome), has completed a technical assessment of the current climate finance flows and needs in the 15 ECOWAS member states. Based on a review of the member states’ NDCs, regional and national climate change policies and related strategies, and a series of meetings and interactions with member states, the assessment estimated climate finance needs at USD 294 billion required until 2030 to mitigate and adapt to climate change in the region. This equates to at least USD 20 billion required for addressing crucial trans-boundary and regional climate change issues yearly.
The NBF project is now in its second stage of developing a regional (ECOWAS) Climate Finance Access and Mobilization Strategy, hereafter referred to as the Strategy. The Strategy is to identify key strategic areas and actions to ensure climate finance is effectively mobilized, accessed, utilized and scaled up to contribute to the achievement of intended mitigation and adaptation goals and low-emission development in the ECOWAS region.
The ECOWAS Commission and partners are pleased to invite member states for a two-day virtual Strategy validation workshop on 1-2 July 2021.
Objective of the meeting
The objective of the workshop is to allow ECOWAS member states to:
- Review and agree on the draft Climate Finance Access and Mobilization Strategy;
- Provide final comments/contributions to the Strategy
- Receive inputs from other relevant stakeholders
- Agree on a Pipeline of priority regional projects, programmes, initiatives and funding facilities to address regional climate change issues; and exchange information on national priority projects;
- Brainstorm key elements to be included in an implementation plan, such as regional and national coordination, monitoring, reporting and review mechanisms.
Outcome
Among others, the following outcomes are expected:
- Finalization of the draft Climate Finance Mobilization and Assess Strategy,
- Agreement on a Pipeline of regional priority projects, programmes, initiatives, and funding facilities,
- A first draft of a Strategy Implementation Plan.
The final Strategy will, after addressing issues and suggestions provided at the validation workshop, be shared via e-mail with participants and be submitted to sectorial ministers (environment and finance) for validation.
Participation
The virtual workshop will be attended by participants from:
- Country representatives
- Ministry of Environment
- Ministry of Finance, Planning, Development
- UNFCCC focal point/NDA GCF or any other relevant expert
- ECOWAS Commission
- UNFCCC secretariat
- Regional partners, i.e. West African Alliance on Carbon Markets and Climate Finance, financial institutions, and climate finance experts.
Programme
1 July 2021 (09:30 – 12:30 GMT)
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Time
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Session
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Speakers & facilitators
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Discuss and agree on the final elements of the ECOWAS Climate Finance Mobilization and Access Strategy
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9:20-9:30
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Arrival in the virtual room
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9:30-9:45
15 min
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Session 1: Opening
Welcoming participants
Opening remarks
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ECOWAS Commission
UNFCCC secretariat
WAACMCF
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9:45-10:00
15 min
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Session 2: Recap and Workshop Objectives
A recap of previous processes and stating the objectives and expected outcomes of this validation workshop.
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ECOWAS Commission
NBF consultant
Presentation
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10:00-11:00
60 min
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Session 3: Discussion of the Strategy (1/3)
The Strategy will be reviewed jointly, collecting member states inputs, following along the sections as described below.
SWOT Analysis: The assessment of regional strengths, weaknesses, opportunities, and threats regarding access to and mobilization of climate finance and resulting recommended actions.
Introduction and Strategic Framework: The overall objective, intended impacts and key principles guiding the design, implementation and monitoring of the Strategy.
Strategic area 1: Enhanced enabling environment for mobilizing funding and catalyzing private investment;
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ECOWAS Commission
NBF consultant
All Participants
SWOT Analysis
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11:00 -11:15
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15-minute break
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11:15–12:15
60 min
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Session 4:
Discussion of the Strategy (2/3)
Strategic area 2: Capacity-building for developing and implementing mitigation and adaptation projects;
Strategic area 3: Enhancing capacity and mechanisms at national and regional levels for the coordination of climate finance;
Strategic area 4: Identifying and mobilizing effective, innovative and appropriate financing for priority climate action;
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ECOWAS
All Participants
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12:15-12:30
15 min
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Session 5:
Key issues arising
A recap of changes to be made to the Strategy
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ECOWAS
NBF consultant
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12:30-12:45
15 min
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Day 1 Closing remarks
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ECOWAS Commission
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2 July 2021 (9:30 – 12:30 GMT)
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Time
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Session
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Speakers & facilitators
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09:20-09:30
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Arrival in the virtual room
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09:30-09:45
15 min
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Session 6:
Welcoming participants
Day 2 agenda and expected outcomes.
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ECOWAS Commission
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09:45-10:15
30 min
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Session 7: Discussion of the Strategy (3/3)
Strategic area 5: Strengthening and developing measurement, reporting and verification systems for means of implementation;
Agreeing on timeline for submission of a refined version of the Strategy and electronic validation.
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ECOWAS Commission
All Participants
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Discuss and agree on project pipelines, coordination, monitoring and review mechanisms of the Strategy
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10:15-11:15
60 min
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Session 8: Discussion of regional pipeline programs and projects
A list or pipeline of priority climate projects, programmes, investments, and/or funding facilities as identified by ECOWAS member states, shall further support the mobilization of climate finance for priority projects in the region.
Countries to briefly share information about proposed priority projects regarding climate mitigation/adaptation benefits and sustainable development benefits of the proposed project, costing, indicative financing plan and gap, and key project information. Regional projects implemented in two or more member states to take precedence.
Member states to discuss which projects/programmes/initiatives/funding facilities to be prioritized and included in the regional pipeline.
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ECOWAS Commission
NBF consultant
All Participants
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11:15 -11:30
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15-minute break
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11:30 -12:15
45 min
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Session 9:
Implementation action plan, coordination and monitoring mechanism
This session will provide an opportunity for member states to discuss main elements to be included in a Strategy Implementation Plan, including the role and mandate of the ECOWAS Commission, indicative timelines, roles of national institutions for initiation of the proposed initiatives, and platforms for monitoring action at regional and national level.
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ECOWAS Commission
All Participants
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12:15-12:35
15 min
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Session 10:
Proposed next steps for the Strategy endorsement; finalization of the Pipeline, Implementation Plan development, initiating implementation of actions; full development of the agreed pipeline projects; national level action, etc.
General feedback or requests
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ECOWAS Commission
All Participants
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12:35-12:45
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Final remarks
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ECOWAS Commission
UNFCCC secretariat
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