African Development Bank to provide $25bn between now and 2050 to finance climate adaptation

AFRICAN Development Bank (AfDB) president Dr Femi Adeshina have revealed that the financial institution has committed to providing $25bn to finance climate adaptation across the continent between now and 2050.

According to Dr Adeshina, who was speaking at the African Climate Summit, currently taking place in Nairobi, the funding is part of efforts to accelerate action on climate adaptation. This summit, taking place at the Kenyatta International Convention Centre, is the first of its kind and is centred on green growth and climate finance to seek a prosperous, carbon-free Africa.

Among other things, the summit is aimed at setting Africa’s agenda for the Conference of Parties for the 28th annual meeting of members of the United Nations Framework Convention on Climate Change (UNFCCC). Scheduled to hold in Dubai, United Arab Emirates, from November 30 to December 12, 2023, the UNFCCC summit will look to set global guidelines.

Dr Adeshina said: “At the national level, we must accelerate actions on climate adaptation and that is why the African Development Bank has committed to providing $25bn to providing climate finance by 2025. We have also launched the African Adaption Act Commission programme together with the Global Centre on Adaptation, the largest climate adaption programme in the world. Africa must develop with what it has not what it does not have.”

To harness Africa’s potential in clean energy, Dr Adeshina called for the combination of natural gas and renewable energy across the continent. He added that this combination would only contribute 0.5% to global emissions.

“We cannot power Africa with potential. We must truly unlock Africa’s renewable energy potential. That is why the Africa Development Bank is implementing $20bn to harness the power of solar and deliver electricity to 250 million people.

“We must power every home, school and hospital and provide stable, affordable and reliable power. However, we must be pragmatic, Africa must use its natural gas and combine it with renewable energy,” Dr Adeshina added.