Webinar: Climate Change: What does it mean for the Financial Sector in Africa?

The webinar “Climate Change: What does it mean for the Financial Sector in Africa?” will take a holistic perspective to discuss the implications of climate change for the whole financial sector in Africa

Event description:

The African Development Bank (AfDB), Global Center on Adaptation (GCA), UNEP FI and the Secretariat of Making Finance Work for Africa Partnership (MFW4A), in partnership with the African Financial Alliance on Climate Change (AFAC), are convening a series of webinars on Climate Change and the Financial Sector to raise awareness around the risks and opportunities. The series will consist of three/four webinars addressing specific subjects.

The first webinar entitled “Climate Change: What does it mean for the Financial Sector in Africa?” will take a holistic perspective to discuss the implications of climate change for the whole financial sector in Africa while subsequent webinars will focus on specific subsets of the financial sector (banks, insurance, financial markets).

Background
The African financial sector has a critical role to play in Africa’s and adaptation to climate change and to ensure a sustainable and inclusive growth on the continent. Africa’s climate finance markets need to scale to help finance the $4.76–$4.84 trillion needed by 2050 representing annual flows of $163.4–$173 billion for climate resilience and a just energy transition
There is therefore an urgent need for all African financial sector stakeholders – Government authorities, regulators, and financial institutions – to better understand and manage climate change risks to their economies. This also offer opportunities for the sector.   

Objectives
Financial institutions can play an important role in society’s adaptation to climate change risks mitigation. This webinar will highlight risks and opportunities that climate change poses for the financial sector in Africa and discuss how financial institutions can best respond to these, in a sustainable manner. In particular, the webinar is expected to:

• Raise awareness on climate change within the financial industry in Africa and facilitate a broader dialogue aimed at integrating climate change considerations;
• Clarify the pivotal role the financial sector can play in mitigating climate change risks and adapting to its effects; and
• Present examples of transformative change in financial institutions’ practices