AfDB commits $7bn to climate change mitigating efforts in four years


June 2, 2016 | 7:13 am
  |     |     |   Start Conversation

African Development Bank (AfDB) says it committed about $7 billion to projects in support of climate resilient and low-carbon development in Africa in the past four years.

The bank said this ahead of the upcoming UN climate talks, COP22, which will be held in Marrakesh, Morocco, from November 7 to 18, 2016.

The bank is calling for implementation of the Paris Agreement, especially ensuring that climate financing is urgently delivered for African countries, which are most vulnerable to climate change shocks.

Last year, AfDB’s support contributed significantly to ensuring that Africa’s concerns were addressed in the Paris Agreement at COP21.

The bank has also committed to triple its climate change finance to about $5 billion per year, and to provide $12 billion on renewable energy investments by 2020.

Consequently, in keeping with its New Deal on Energy for Africa, which provides a good entry point for the implementation of the Paris Agreement, and given that COP22 is a key milestone for the implementation of that agreement, it is important that Africa is fully on board, while ensuring linkages with the bank’s priorities.

According to Akinwumi Adesina, president, AfDB Group, the current climate financing architecture is not providing the finance Africa needs.

“Much more needs to be done to increase Africa’s access to climate finance,” Adesina said during a high-level panel on climate change, “Towards COP22 in Marrakech: What are the issues at stake?” on the last day of the bank’s 2016 annual meetings.

Adesina pointed out that Africa, which contributes less than 3 percent of the global greenhouse emissions, was suffering from the effects of El Niño, which had caused severe drought in 14 countries with 13 located in East and Southern Africa.

Citing Kenya and Rwanda, which have had devastating floods, with over 8.4 million people facing food insecurity in Malawi and 15 million in Ethiopia, as well as vast areas of South Africa, Zambia, Zimbabwe, Lesotho and Botswana, Adesina pointed out that the continent was already feeling the shocks of climate change.

To support these countries, AfDB has allocated funds to the tune of $549 million.

Adesina demanded for “climate justice” for Africa, calling on the Green Climate Fund and the Global Environment Facility to “pay for the insurance premium of African countries to the Africa Risk Capacity Agency.

“This will allow them to cope with extreme climate events like Senegal, which received $17 million payout to mitigate the impacts of drought. AfDB will lead the way and triple its climate finance to $5 billion per year by 2020.”

On his part, Moroccan foreign minister and chairman of COP22 steering committee, Salaheddine Mezouar, pledged that the 22nd conference of parties to the UN Framework Convention on Climate Change (COP22) would be an event of action and an occasion to implement the Paris agreement.




June 2, 2016 | 7:13 am
  |     |     |   Start Conversation

Big Read |  


What Nigeria must do before signing AfCFTA

Nigeria’s President Muhammadu Buhari last Wednesday gave a hint that he would sign the African Continental Free Trade Area (AfCFTA)...

Top 100 (300 x250)

MTN banner 2


Newsletter Fixed income