(Bloomberg) — The European Union will help Africa develop its green bond market as the continent seeks to finance its energy transition.
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“Europe has the biggest and most advanced green bond market in the world,” Ursula von der Leyen, president of the European Commission, the bloc’s executive, said in Nairobi on Tuesday. “We are ready to share our expertise with your teams on how to develop your own green bond markets.”
Von der Leyen, who is attending the African Climate Summit in the Kenyan capital, said the EU will help Africa attract private investment through its new Global Green Bond Initiative. The world’s pioneer in green bond issuance since 2007, Europe has been selling record amounts since feeding to the global $2.8 trillion market, according to BloombergNEF.
Africa Needs Over $100 Billion a Year for Climate Adaptation
The European Investment Bank and EU member states will allocate €1 billion ($1.08 billion) to de-risk private investments in emerging markets, which should help attract as much as €20 billion in sustainable investment, von der Leyen said.
Read more: Africa Climate Summit Latest: UAE Pledges $4.5 Billion
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