NDF joins new circular economy trust fund
NDF's Board of Directors has approved support of EUR 2 million to the Africa Circular Economy Facility (ACEF). The Facility, a multi-donor trust fund, was established by the African Development Bank to drive integration of the circular economy into African efforts to achieve nationally defined contribution (NDC) targets.
“NDF is pleased to join forces with the African Development Bank and the Government of Finland to establish the Africa Circular Economy Facility. Circular economy is key for climate change adaptation and mitigation, and has vast potential to create jobs, improve productivity and strengthen the economic competitiveness of African countries,” says Henrik Franklin, Director for Portfolio Origination and Management at NDF.
The circular economy is a model of production and consumption that involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. Under the Paris Agreement, NDCs embody efforts by each signatory to reduce national emissions and adapt to the impacts of climate change. All 54 African countries are members of the Paris Agreement.
The Facility will focus on three strategic areas: institutional capacity building to strengthen the regulatory environment for circular economy innovations and practices; providing support to the private sector through a business development program; and providing technical assistance to the African Circular Economy Alliance. The African Development Bank hosts the Alliance’s secretariat.
Read the African Development Bank's press release here.