Financing development is a key challenge that Cameroon must overcome to achieve the 2030 Agenda for Sustainable Development and the objectives of its National Development Strategy 2020–2030 [1]. Additionally, a cost of about US$ 57,640 million (CFAF 28,713 billion) is required for the implementation of the country’s updated Nationally Determined Contribution (NDC), submitted to the UNFCCC [2].
Initiatives and Development Plans
Central African initiatives in sustainable finance are still at an early stage. The Bank of Central African States (BEAC) is the Central Bank for the six member states of the Central African Economic and Monetary Community (CEMAC), namely Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon. BEAC, as well as the Securities and Exchange Commission of Central Africa (COSUMAF), became members of the Sustainable Banking and Finance Network (SBFN) in 2022.
Recognizing the importance of developing a broader and more mature sustainable finance ecosystem, BEAC is partnering with SBFN to raise awareness and build a common vision for sustainable finance in the region [3].
The African Development Bank is boosting the promotion of resilient, green and sustainable growth, with the launch of the African Green Bank Initiative, a model for deploying green financing across the continent. The initiative, which was presented at the UN Climate Change Conference (COP27) in Egypt, will support the implementation of African countries’ Nationally Determined Contributions (NDCs) [4].
The Joint Programme (JP) supports the Government of Cameroon in rolling out the Integrated National Financing Framework (INFF), which is critical to identifying integrated financing solutions to support the implementation of the National Development Strategy 2020-2030 and the SDGs Decade of Action [5].
[1] United Nations Development Programme (2023). UNDP Cameroon: Mobilising and Catalysing Alternative Financing for the National Development Strategy (NDS30). [Online]. Available: https://www.undp.org/cameroon/news/undp-cameroon-mobilising-and-catalysing-alternative-financing-national-development-strategy-nds30.
[2] REPUBLIQUE DU CAMEROUN (2021). CONTRIBUTION DETERMINEE AU NIVEAU NATIONAL - ACTUALISEE (CDN).
[3] SBFN, IFC (2023). PATHWAYS TO SUSTAINABLE FINANCE "TRAJECTOIRES VERS LA FINANCE DURABLE": 2023 INTERNATIONAL FORUM OF THE SUSTAINABLE BANKING AND FINANCE NETWORK. [Online]. Available: https://www.sbfnetwork.org/beac-event-may-2023-pathways-to-sustainable-finance/.
[4] African Development Bank (2022). African Development Bank launches model for deploying green financing across the continent. [Online]. Available: https://www.afdb.org/en/news-and-events/african-development-bank-launches-model-deploying-green-financing-across-continent-56903.
[5] JOINT SDG FUND (2023). CAMEROUN. [Online]. Available: https://jointsdgfund.org/fr/node/515.