ACS: AfDB Pledges $25bn to African Climate Fund

The President of African Development Bank, Akinwunmi Adeshina said the finance institution has committed to providing $25bn to climate finance by 2050.

He disclosed this on the second day of the African Climate Summit, being held at The Kenyatta International Convention Centre, Nairobi, Kenya.

The African Climate Summit is the first of its kind in Africa and it is centred on green growth and climate finance to seek a prosperous, carbon-free Africa.

The summit is aimed at setting Africa’s agenda for the Conference of Parties for the 28th annual meeting of members of the UNFCCC, scheduled to hold 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.”

To harness Africa’s potential in renewable energy, Adeshina called for the combination of natural gas and renewable energy to provide energy in the continent.

The AfDB president added that this combination would only contribute 0.5 per cent 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. But we must be pragmatic, Africa must use its natural gas and combine it with renewable energy”, he said.