FSD-Africa Round table on Sustainable finance Taxonomies. May 28th, 2024, | Nairobi, Kenya
This roundtable, organized on the margins of the 2024 African Development Bank Annual meetings in Nairobi, consulted and sensitized key stakeholders concerning the prospective development of an African Union-led Sustainable Finance Taxonomy for African Sovereigns. The Speakers included Dr. Anthony Nyong, The Director of the Climate Change and Green Growth Department, and Dr. Towela Nyirenda Jere, Head of economic Integration at AUDA NEPAD.
The opening session touched on the various national taxonomy initiatives at varied stages of completion on the African continent. The taxonomies discussed include national initiatives such as South Africa, Kenya, Rwanda, and Morocco and multilateral initiatives such as the AFAC financial sector taxonomy and the MDB taxonomy. The speakers discussed the emerging use cases and insights from the lessons drawn from the challenges faced in the uptake of the initiatives at later stages of development.
National representatives from Kenya, Nigeria, and Ghana, as well as regional representatives from the West African Monetary Union (WAEMU) and the South African Development Community (SADC), led the roundtable session. The meeting centered on important decisions regarding the upcoming African sustainable finance taxonomy, such as its overall coverage and range. Participants highlighted the progress of the ESG Taxonomy being developed by the African Financial Alliance on Climate Change and expressed a commitment to sharing knowledge and resources. The African Development Bank volunteered to assist in this endeavor.
Key Take Away
- African governments appreciate the utility of establishing the Sustainable Finance Taxonomy to foster transparency in Africa's sustainable finance market. To initiate the process, a continental working group will be set up to establish a work plan drawing from existing initiatives.
Opening speech at the Roundtable Discussion on an African Taxonomy, Nairobi – 28th
