Climate Finance: Is it doing more harm than good?

December 2023

Research: Climate Finance: Is it doing more harm than good?

By Lama Almoayed — Dec. 5, 2023

With COP28 underway this week, our attention turns to financial institutions and their role in the climate crisis, prompting questions about the effectiveness of climate finance and emphasizing the pressing need for strengthened accountability and meaningful remedy.

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Accountability Spotlight

Noteworthy updates on Bank and IAM policy and practice

CSOs outraged at IFC’s response to child sex abuse in one of its projects

Civil society groups condemn the IFC for defensiveness and disingenuousness in its response to the allegations that it ignored child sex abuse in one of its projects in Kenya, Bridge International Academies schools. The IFC’s response reveals their “allergy to responsibility”, failing to address remedy for the harmed children.

AfDB’s IRM & IFC’s CAO develop mediator network in Africa

The AfDB’s Independent Recourse Mechanism and the IFC’s Compliance Advisor Ombudsman have signed a Memorandum of Understanding, aiming to bolster their network of skilled mediators, bridge the human resource gaps, and improve the quality of mediation services for individuals affected by the environmental and social impacts of projects supported by these financial institutions.

AfDB’s IRM entered into collaborative agreement with NANHRI

The AfDB’s IRM and the Network of African National Human Rights Institutions (NANHRI) entered into a collaborative agreement, formalizing their commitment to strengthen awareness, facilitate case referrals, promote information sharing, and engage in collaborative research. The objective is to collectively enhance the promotion and protection of human rights, accountability, and sustainable development in Africa.