In its effort to support the fight against global challenges, especially effect of climate change as it affects the continent of Africa, African Development Bank has announced its commitment towards climate finance with a sum of $12.5 billion.
Dr AkinwumiAdesina, recently made this known during the virtual International Climate Adaptation Summit that was aimed at defining the path for a decade of climate investment and transformation.
Hosted by the Netherlands, the climate summit was to find solutions to the effects of climate change, such as extreme downpours, drought, heat and rising sea levels.
Adesina explained that Africa requires collective actions in the fight, in order to adapt appropriately to environmental changes. He then went on to confirm that AfDB would increase its climate financing by 400%, rising from 38% of its total financing in 2019.
According to him, “We expect to reach 40 per cent in climate finance this year. To do more for Africa, we are building strategic partnerships,”
“The AfDB and the GCA-Africa have launched the ‘Africa Adaptation Acceleration Program’ to mobilise 25 billion dollars in new climate finance for Africa and to scale up innovative and transformative actions on climate adaptation across Africa. This flagship program will focus on agriculture, infrastructure, youth and innovative finance”.
Adesina also revealed some laudable projects recently launched by the bank which include: Desert-to-Power initiative, a $20 billion initiative meant to build the world’s largest solar zone in the Sahel and a Digital Agriculture Flagship of $2 billion to deliver digital climate advisory services to reach 300 million farmers by 2030.
Recall that African Development Bank has made a commitment to mobilize $25 billion as climate finance between 2020 and 2025 and many other programmes that would address environment adaptation.