Regional Validation Meeting on Circular Economy and Green Finance

The Regional Validation Meeting on Circular Economy and Green Finance was held in Accra, Ghana between 24 - 25 August 2022. During the SWITCH Africa Green regional meeting on integrated waste management in Africa, held in June 2019 in Accra, Ghana, it was emphasized that Africa should develop a regional framework on Circular Economy (CE). In addition, at the SWITCH Africa Green Regional meeting held in February 2020 in Kampala, Uganda under the theme “Advancing Green Business and Circular Economy in Africa” the importance of circular economy and green financing in Africa was again reiterated.

Furthermore, during the review of the implementation, opportunities and challenges of the SWITCH Africa Green Programme from 2014 – 2020, access to finance was identified as one of the major challenges faced by MSMEs in the uptake of SCP and green practices in the region. UNEP, through the SWITCH Africa Green programme, seeks to develop Guidelines for Accelerating the Transition towards a Circular Economy in Africa and Assessment of Green Financing Mechanisms for Micro Small and Medium Enterprises (MSMEs) in Africa and contracted Dalberg Catalyst to execute the assignment.

These guidelines will enhance the ongoing efforts to promote green business and circular economy in the region. For example, the guidelines will inform the Africa Union Commission’s (AUC) regional strategy and action plan on CE in Africa, enhance the regional activities on circular economy with the African Circular Economy Alliance (ACEA) and the African Development Bank (AfDB) and compliment the work of UNEP in promoting circularity in Africa.

 The work will support the implementation of various commitments and resolutions including the 17^th session of African Ministerial Conference on the Environment (AMCEN) held in Durban in November 2019, which identified the Circular Economy as one of the areas where action needs to be taken to promote environmental sustainability and prosperity in Africa. In addition, this work responds to UNEA 5.2 Resolution no. 11 on Enhancing Circular Economy (CE) as a contribution to achieving sustainable consumption and production which was adopted in March 2022.

The Green financing assessment report aims to provide an up to date and broad understanding of the financial instruments, models, policies and tools available and their access to Micro, Small and Medium Enterprises (MSMEs) for green financing.

The overall objective of the regional validation meeting was to provide a platform for various stakeholders in the region to review and validate the two raft reports to ensure they capture the relevant inputs following the national and regional consultations. Targeted participants included selected national and local government representatives from African countries, Africa Union Commission (AUC), Regional Economic Communities (RECs), development partners, development banks, UN agencies, private sector, financial institutions, research institutions and academia, and non-state actors.

The event, with funding from the European Union, was jointly organised by UNEP and the Ghana Ministry of Environment, Science, Technology and Innovation (MESTI) with technical support from the Dalberg Group.

The United Nations Environment Programme (UNEP), in partnership with European Union and in collaboration with other regional and national partners, is implementing the SWITCH Africa Green Programme in Africa. The Programme supports participating countries in Africa to achieve sustainable development by engaging in the transition towards an "inclusive green economy which generates growth, creates jobs and reduces poverty".