Cape Verde government creates Climate and Environment Fund

The Climate and Environment Fund, which starts with a share capital of 100 million escudos, seeks to mobilize and accelerate the financing of projects and programs that promote climate resilience, environmental conservation and the transition to a green and blue economy.

According to the Official Bulletin of 23rd December, the fund is structured as a one-person limited company and is part of the country's climate governance system, in order to meet the commitments made under the Paris Agreement and the Convention on Biological Diversity. It will also make it possible to raise funds from public-private partnerships, international funds and debt conversions into sustainable investments.

The government states that the fund aims to reduce greenhouse gas emissions, promote renewable energies, sustainable agriculture and coastal resilience. The fund also aims to position Cape Verde as a leader in climate action among Small Island Developing States (SIDS).

The bulletin also explains that from the initial capital fully subscribed by the state, the fund will be able to expand its financial capacity through contributions from international partners and various revenues, such as donations, income from services rendered and fees associated with environmental projects.

More information here.