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AXEL MICHAELOWA IS NOW A MEMBER OF THE ABM BOARD

The African Development Bank has appointed Dr. Axel Michaelowa to participate in the operationalization of the Adaptation Benefit Mechanism (ABM) as an ABM Board member.

The ABM aims to mobilize public and private sector finance for enhanced climate change resilience and adaptation by creating a new asset – certified adaptation benefits. The mechanism will assist developing countries with meeting climate change needs and priorities for adaptation set out in their Nationally Determined Contributions (NDCs) under the Paris Agreement, in particular those requiring international cooperation. During the pilot phase, the African Development Bank and partners will seek funding from various sources to realize multiple small-scale resilience projects to test the mechanism on the ground. The demonstration projects will be used to develop methodologies for delivery of adaptation benefits, verify the outcomes and prove the effectiveness of ABM for mobilizing new adaptation finance for replication. The concept of the ABM was developed by the African Development Bank with the support of the Climate Investment Funds, in collaboration with the governments of Uganda and Cote d’Ivoire and various stakeholders. The ABM is potentially applicable in all countries.