Friday , June 14 2024

AfDB Commits $25 Billion to African Climate Fund

Akinwunmi Adeshina, president of the African Development Bank, stated on Tuesday that the financial institution has pledged to delivering $25 billion in climate finance by 2050 as part of efforts to quicken climate adaptation measures.

This was said by him on the second day of the African Climate Summit, which was taking place in Nairobi, Kenya at the Kenyatta International Convention Centre.

The first of its kind in Africa, the African Climate Summit is focused on climate financing and green growth in order to create a thriving, carbon-free Africa.

The summit’s purpose is to establish Africa’s agenda for the Conference of Parties for the 28th annual meeting of UNFCCC members, which will take place in Dubai, United Arab Emirates, from November 30 to December 12, 2023.

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.”

Adeshina advocated for combining natural gas and renewable energy sources to supply energy across the continent in order to fully utilize Africa’s potential for renewable energy.

The president of the AfDB further noted that this combination would only add 0.5% to world 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. But we must be pragmatic, Africa must use its natural gas and combine it with renewable energy”, he said.

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