The African Development Bank (AfDB) has launched the creation of four green banks in Africa as an innovative response to the lack of climate finance made available at each successive COP meeting. The launch was made through the African Green Banks Initiative.

The launch of four green banks is done in order to contribute to the capitalization of Rwanda's Green Investment Facility as part of its mission to help Africa overcome its obstacles to climate finance. The aim will be to provide local banks with the technical capacity needed to attract climate finance from international and national investors, by setting up green investment facilities in financial institutions in Benin, Côte d'Ivoire, Morocco and Egypt.

According to Audrey-Cynthia Yamadjako, coordinator of the African Green Banking Initiative, “the fact that African governments and financial institutions have put green banks at the top of the agenda shows that Africa is taking charge of its climate finance needs ”.