Akinwunmi Adesina, President of the African Development Bank (AFDB), has announced a significant commitment during the ongoing African Climate Summit in Kenya. According to him, the AFDB pledges to provide $25 billion in funding to Africa’s Climate Fund over the next 27 years.
In his address, President Adesina emphasized the urgency of taking concrete actions at both the national and continental levels to address climate adaptation. The AFDB’s substantial financial commitment aims to support these efforts.
President Adesina thus, said, “At the national level, we must accelerate actions on climate adaptation, and that is why the African Development Bank has committed to providing $25 billion in climate finance by 2025”.
Meanwhile, this ambitious financial commitment underscored the bank’s dedication to advancing climate finance initiatives in Africa, with the aim of accelerating the transition to cleaner and more sustainable energy sources.
One of the prominent initiatives launched by the AFDB in collaboration with the Global Centre on Adaptation is the African Adaptation Acceleration Program. This program is recognized as the largest climate adaptation initiative globally, underlining Africa’s commitment to addressing climate challenges and building resilience.
President Adesina also stressed the importance of unlocking Africa’s renewable energy potential. The AFDB is actively implementing a $20 billion plan to harness solar power and provide electricity to an estimated 250 million people. He emphasized the need to power every home, school, and hospital in Africa with stable, affordable, and reliable energy.
Adesina Emphasizes A Pragmatic Approach
However, President Adesina emphasized a pragmatic approach, acknowledging that Africa should utilize its natural gas resources in combination with renewable energy sources to meet its growing energy needs sustainably.
The African Climate Summit aims to achieve three key climate finance goals: increasing financing, targeting funding to specific needs, and providing more affordable financing with a higher risk appetite. Climate change poses significant challenges globally, and Africa faces particular climate-related threats, including droughts, desertification, cyclones, and their associated consequences, such as displacement, migration, and food crises.
The Summit provides an opportunity for an African Leaders Nairobi Declaration on Green Growth and Climate Finance Solutions,and for a Call to Action for African Union Member States and supporting partners to champion its delivery. It seeks to launch a new ambition for Africa and invite partnerships with the rest of the world. The summit serves as a platform to showcase progress, exchange perspectives, and begin to converge on common priorities for global discussions (including UNGA, G20, World Bank Group (WBG) and IMF Annual Meetings, COP28 and beyond).
It will enable African countries to define detailed plans, shape their associated tools and investments, inform and push for reforms of the international financial architecture, share innovation, knowledge, experience, and practical approaches to deepen and expand understanding of climate challenges and opportunities, and enable Africa to renew its vision and become more assertive in pursuing a climate and development agenda through a unified approach.
Furthermore, the Summit will provide a platform to address the intersection of climate change, Africa’s development, and the need for increased global investment in climate action, particularly in Africa. It is also an opportunity for Africa to consolidate its united voice on matters of climate change, sustainable development and to mobilise support for the implementation of continental programmes and policies such as the African Union Climate Change and Resilient Development Strategy and Action Plan.
