Biteye: ACBF model review to develop high value services for stakeholders

The African Capacity Building Foundation (ACBF) is undergoing a significant transformation in its business model to provide high-value services through the Ubora academy, institutional capacity accelerator, and knowledge hub. Mamadou Biteye, the Executive Secretary of ACBF, shared in an interview with CNBC Africa at the 2024 Africa Think Tank Summit that the foundation is focused on leveraging these initiatives to better serve member countries, the private sector, and civil society. The foundation aims to support countries in understanding new financing mechanisms to strengthen their capacity for climate adaptation and preparation of bankable projects. Biteye highlighted that African nations face challenges in fully utilizing resources for climate adaptation despite the pressing need, emphasizing the importance of mastering innovative financing strategies. The theme of this year's summit, 'evidence-based solutions for sustainable climate financing', underscores the urgency for African countries to address the disproportionate impact of climate change and access necessary resources for adaptation efforts. ACBF's shift in approach reflects a strategic move towards sustainability and self-reliance, aiming to offer tailored services while expanding its capabilities to meet the evolving needs of its stakeholders. The focus on climate financing and carbon markets presents a crucial opportunity for African countries to tap into the potential of carbon credits and green economy initiatives to propel sustainable development. ACBF's commitment to supporting African nations in harnessing the opportunities presented by carbon markets aligns with its mission to facilitate capacity building and promote economic growth across the continent.