Accra-Ghana, Oct. 1, GNA – Dr Akinwumi Adesina, President African Development Bank (AfDB), has pledged the institution’s full support to the United Nations Secretary General’s Early Warning for All initiative and the Systematic Observations ‘Financing Facility.
The Bank is the implementing entity for the Facility in Africa.
Speaking at the United Nation’s Climate Ambition Summit session, Delivering Climate Justice: accelerating ambition and implementation on adaptation and early warning systems for all, Adesina said climate change was devastating Africa’s economies.
He said that the continent accounted for just 3 per cent of total emissions globally and was losing $7-$15 billion annually from climate change, an amount that is projected to rise to $50 billion in the next seven years.
The AfDB President said despite its relatively minuscule level of total emissions globally, Africa received a mere 3 per cent of total global climate finance.
He said the continent was facing a climate finance gap of $213 billion through 2030 and exxplained that the ClimDev Africa Special Fund, which the Bank hosts, had provided $74 million to support 12 countries and five regional climate centres that serve 27 countries.
The funding, he said, supported the countries in addressing weaknesses in the diversity of climate and weather services and reducing loss and damage from extreme weather events.
Dr Adesina detailed five ways in which the African Development Bank was supporting climate adaptation in Africa.
Firstly, the Bank Group was mobilising $25 billion in climate adaptation for Africa through the Africa Adaptation Acceleration Programme, and this was a joint initiative with the Global Center on Adaptation.
To expand Africa’s access to financing for climate adaptation, the Bank is supporting countries to develop climate adaptation investment compacts.
Seven such compacts were launched at the Africa Climate Summit in early September, and there will be more ahead of November’s global climate summit, COP 28.
Secondly, the Bank was implementing the$20-billion Desert to Power programme to develop 10,000 megawatts of solar energy across eleven countries of Africa’s Sahel zone and this would provide electricity for 250 million people.
Thirdly, the Bank has launched a $1-billion Africa Climate Insurance Facility for Adaptation to help insure African countries against extreme weather patterns and catastrophic climate shocks and fourthly, along with its partners, the Bank has launched the Alliance for Green Infrastructure in Africa (AGIA) to mobilise $500 million for project preparation and project development on green infrastructure.
AGIA will also mobilise $10 billion in private sector investments across green infrastructure assets in Africa.
He said the African Development Fund, the Bank Group’s concessional window had newly opened a $429-million Climate Action Window, which would support climate resilience for the 37 low-income countries in Africa.
It will provide crop and livestock insurance for 20 million farmers, and support 20 million people to access climate information systems. The Bank Group’s goal is to expand the size of the facility to $13 billion.
Dr Adesina assured the UN that it could count on the African Development Bank’s full support for the agenda to deliver climate adaptation and early warning systems for all.
