UK Pledges £200m For Nigeria, Others To Fight Climate Change
The Foreign Secretary of the United Kingdom, James Cleverly, has said the UK will significantly step up its bid to help African countries fight climate change by supporting the African Development Bank’s Climate Action Window with £200m.
The Climate Action Window is an initiative of the AfDB set up to channel climate finance to help poor and vulnerable countries adapt to the impacts of climate change such as severe drought in Eastern Africa, floods in South Sudan, and more recently, Nigeria.
Cleverly, who made the announcement while speaking alongside African leaders at an event at COP27, said climate change was having a devastating impact on countries in sub-Saharan Africa facing drought and extreme weather patterns, which had historically received a tiny proportion of climate finance.
According to him, the CAW by the African Development Bank would see vital funds delivered to those most affected by the impacts of climate change, much more quickly.
Cleverly said, “Lack of access to climate finance for the world’s poorest countries was a central focus at COP26 in Glasgow. This £200m of UK funding is helping us to make tangible progress to address this issue.”
Tuesday’s development follows an announcement by the Foreign Secretary on Monday of a series of significant UK investments worth more than £100m to assist developing economies manage the impact of climate-related tragedies while also adapting to climate change.
On his part, the President of the African Development Bank Group, Akinwumi Adesina, welcomed the contribution of the United Kingdom.
He noted that the gesture by the UK would go a long way in consolidating efforts to help African countries cushion the impact of climate change.
Adesina, “I applaud the UK government for this major contribution towards the capitalization of the Climate Action Window of the African Development Fund, as it seeks to raise more financing to support vulnerable low-income African countries that are most affected by climate change.
“This bold move and support of the UK will strengthen our collective efforts to build climate resilience for African countries. With increasing frequencies of droughts, floods and cyclones that are devastating economies, the UK support for climate adaptation is timely, needed, and inspiring in closing the climate adaptation financing gap for Africa.
“I came to COP27 in Egypt with challenges of climate adaptation for Africa topmost on my mind. The support of the UK has given hope. I encourage others to follow this leadership on climate adaptation shown by the UK.”
Meanwhile, a report released on Tuesday said developing countries would have to secure $1tn every year in external financing for climate action by 2030, and to also match that figure with their own funds.
The report, which was commissioned by the current and previous COP hosts, Britain and Egypt, and released ahead of deliberations on climate change finance at the COP27, said the funding would help in cutting emissions, boosting resilience, dealing with damage from climate change and restoring nature and land.
“The world needs a breakthrough and a new roadmap on climate finance that can mobilise the $1 trillion in external finance that will be needed by 2030 for emerging markets and developing countries other than China,” the report said.
It further said the total annual investment requirement of developing countries would hit $2.4tn by 2030, with half coming from external financing and the rest from public and private sources in those countries.
According to the report, the current investment stood at around $500m.
With the summit now in its third day, world leaders on Tuesday took the centre stage to pledge support towards fighting climate change by embracing cleaner and renewable energy.